President gives nod for a Development Bank

Monday, 18 March 2024 04:55 - - {{hitsCtrl.values.hits}}

President Ranil Wickremesinghe

A full blown Development Bank in Sri Lanka, serving the SME/Manufacturing and Tourism sector is being considered by the President to kick start the economy, according to official sources.

The proposed Development Bank will have a minimum Rs. 500 billion Tier 1 capital, total assets of around Rs. 1 trillion, a rationalised branch network of around 150 – 200 and a staff of around 2,000 and governed by an independent board comprising professionals and FDI partners.

State Minister of Finance Shehan Semasinghe will lead the initiative according to sources.

“A committee of experts will propose the way forward. The Government will look at the stakes in several private banks and Government banks in structuring the development bank. Several international funds have shown interest,” sources added.