June 09, Colombo: The Minister of Finance and Mass Media Mangala Samaraweera has presented a proposal to establish a new Secretariat in the Ministry of Finance and Mass Media to coordinate the activities on the implementation of the 'Enterprise Sri Lanka' Interest Subsidy Loan Scheme.
In accordance with the budget proposals of 2017 and 2018, the 'Enterprise Sri Lanka' Interest Subsidy Loan Scheme is implemented by the Ministry of Finance and Mass Media in collaboration with the state and private banks, foreign financial cooperation institutes and the other participatory institutes.
Through this program it is expected to build a business paradise in Sri Lanka, using the innate entrepreneur expertise of the Sri Lankans, according to the Minister of Finance.
Under the Enterprise Sri Lanka program, concessions are provided under 16 schemes which include 11 interest subsidy loan schemes, 3 refinancing loan schemes inclusive of 2 financial and non‑financial schemes.
Accordingly, funds over Rs.30 billion have been provided by now to around 12,405 entrepreneurs. The Government has set apart Rs.5.25 billion for the year 2018 for the payment of interest subsidies alone in respect of the loan schemes, implemented under the program and the Government expects the generation of 50,000 new employment opportunities, through the creation of a capital of nearly Rs.60 billion.
With a view to popularizing the program further among the general public, it is expected to implement it as a national level promotional program, under the theme '2025 vision' along with the other development programs of the Government once in every three months covering all Provinces of the country in the hope of providing the necessary guidance to expand the products of the entrepreneurs up to the international level.
The proposal put forward by the Minister of Finance Mangala Samaraweera to set up a secretariat in his Ministry received the cabinet approval.