Sri Lanka Mahaveli Authority and People’s Bank introduce ‘Mahaveli Aruna’

Sri Lanka Mahaveli Authority together with People’s Bank has launched a special concessionary loan scheme by the name of ‘Mahaveli Aruna’ to enhance the economy of the farming community living in the Mahaveli Zones.

Under this loan scheme, a maximum loan amount of up to Rs. 200,000 will be offered to various sectors such as agriculture, livestock, purchase of agricultural equipment, maintaining of commercial farms, various non-agricultural businesses and services. The loan will be granted under a concessionary interest rate of 9% for three years while a grace period of three months will be given for repayment of the loan. Two members from the Mahaveli community can be guarantors of the loan.

The signing of the Memorandum of Understanding took place recently under the patronage of Nimal Siripala de Silva, the Minister of Irrigation and Water Resources Management at the ministry premises. The event was also attended by N. Vasantha Kumar, the CEO/General Manager of People’s Bank, T.A. Ariyapala, Deputy General Manager (Co-operative Development and SME), Ivan de Silva, Secretariat to the Ministry, Gamini Rajakaruna, the Director General of Sri Lanka Mahaveli Authority, and K. P. Christy Perera, Project Development Director of Mahaveli Authority together with a large number of officials.

The agreement was signed by Gamini Rajakaruna, the Director General on behalf of the Sri Lanka Mahaveli Authority and on behalf of People’s Bank, T.A. Ariyapala, Deputy General Manager (Co-operative Development and SME).

Sharing his thoughts at the event, Minister Nimal Siripala de Silva pointed out that under the ‘Mahinda Chinthana’ program the Government has rules steps to enhance the value of our agricultural produce by adding various production elements instead of marketing it as raw material and by doing so can generate more income as well as generate more employment opportunities. He added that People’s Bank together with Mahaveli Authority is launching this concessionary loan scheme especially to enhance the economic strength of the Mahaveli community by encouraging agricultural and rural level productions. He also stated that for the first time ever, thousand Mahaveli entrepreneurs are expected to be granted a loan amount of Rs. 100 million within this year.   Adding his views, N. Vasantha Kumar, the CEO/General Manager of People’s Bank stated that empowering the people with financial prosperity is paramount of the preliminary objectives of People’s Bank and the bank remains committed to that objective. He added that introducing a loan scheme of this nature with the Sri Lanka Mahaveli Authority is indeed an outstanding achievement and with this initiative a new generation will emerge, comprising entrepreneurs who are engaged in various other businesses and industries apart from agriculture-related industries.

Commenting at the event, T. A. Ariyapala, Deputy General Manager (Co-operative Development and SME) stated that he is overjoyed as two institutions serving the nation, People’s Bank and Mahaveli Authority adding more value to their commitment in serving the nation, have launched this scheme, as a concept of the Minister and it will enhance and strengthen the economy of the people of Mahaveli Zones. Also, with this project, the second and third generations of Mahaveli will emerge as successful entrepreneurs, he further added.