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Leading News from Sri Lanka ::
Dec 30, Colombo: Sri Lanka's Central Bank has reduced the interest rates of three agricultural loan schemes effective from January 01, 2010 to promote new investments in agricultural and animal husbandry projects.
A Central Bank press release said the annual interest rates for the loans granted to the farmer community under the New Comprehensive Rural Credit Scheme (NCRCS), Agro Livestock Development Loan Scheme (ALDL) and Krushi Navodaya Special Loan Scheme have been reduced.
Accordingly the new rate for the NCRCS cultivation loans will be 8% while rate for purchasing loans under forward sales agreement will be reduced to 10%. The NCRCS loan scheme which distributes 10 billion rupees a year applies to 34 field crops including paddy and is provided to farmers for cultivation purposes.
The ALDL scheme, which is given to the dairy farmers to increase the liquid milk production in the country, will be distributed with a 8% rate for project loans for dairy farming and with a 10% rate for the loans for setting up milk processing factories and agro based processing industries. The scheme has disbursed 500 million rupees in 2009.
The rate for the Krushi Navodaya Loan Scheme, given to fulfill the medium term loan requirements of the farmer community for agriculture and animal husbandry, will decline from 12% to 8%.
The government expects the measure to increase the volume of agricultural produce, liquid milk and other livestock products to secure the country's food supply.
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