Government has received the approval from the Cabinet of Ministers to obtain a US$ 100 million loan from the Asian development Bank (ADB) to strengthen the Small and Medium size Enterprises (SMEs).
The Ministry of Finance has entered into a loan agreement with the ADB to obtain the loan and the Ministry will implement a Line of Credit to grant the SMEs loan facilities.
Loans will be granted to launch an enterprise or to expand an existing enterprise subject to a maximum of Rs. 50 million and a repayment period of 10 years.
Minister of Finance Ravi Karunanayake made the proposal to implement the loan scheme and enter into agreements with Participatory Financial Institutions.
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