40 graduate applicants to get loans to start businesses

Cabinet yesterday approved a proposal to recruit graduates for vacancies decided by the Department of Management Services while also choosing to grant loans for 40 business proposals submitted by young graduates. 

The proposals, forwarded by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of National Policies and Economic Affairs, were this week approved by the Government after it highlighted the importance of obtaining the services of graduates in the development process of the country. 

The number to be recruited will be decided upon according to available vacancies, Cabinet Co-spokesperson Rajitha Senaratne said. The recruits will also be subject to a one-year training period at the district level. 

Introducing a loan scheme for young graduates to start businesses, Cabinet has granted approval to give loans to 40 out of the 80 applications received. The proposals have been recommended by the sectoral evaluation committee through BOC and People’s Bank.