MSMEs to get Rs. 20 b concessionary financing boost via ADB

Wednesday, 28 February 2024 00:24 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at its meeting on Monday approved an Asian Development Bank (ADB) funded Rs. 20 billion financing support on concessionary terms to Micro, Small and Medium Enterprises (MSMEs).

The Government said out of the funding, Rs. 15 billion will be channelled to strengthen existing and new enterprises and the remaining Rs. 5 billion will be used as support to enterprises under the non-performing loan category.

According to the Government, a significant number of MSMEs involved in manufacturing, import, export, tourism, apparel and various other commercial operations have found it very difficult to continue running their enterprises as a result of the economic downturn and the impact of external factors beyond their control.

The ADB has agreed to provide working capital support for the small and medium enterprise sector as a relief.

The proposed program is intended to provide credit facilities to existing micro, small and medium scale enterprises for further expansion and recovery of their businesses through licensed commercial banks and licensed specialised banks at concessional interest rates.

The proposal relating the project furnished by President Ranil Wickremesinghe in his capacity as Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers on Monday.

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