ECONOMYNEXT – The Sri Lankan government will allocate Rs10 billion to set up an enterprise development bank to give long term loans without collateral for entrepreneurs doing exports and imports, Finance Minister Mangala Samaraweera told parliament.
The new bank will be set up this year, he said in a speech to announce the government budget for 2018.
It will be under the ‘Enterprise Sri Lanka’ program to promote entrepreneurship which will give incentives to entrepreneurs.
Small and medium enterprises form the backbone of the economy but face difficulties in getting finances as they do not have adequate collateral.
The new bank will lend without collateral but based on business plans, he said.
(COLOMBO, November 09, 2017)