President Maithripala Sirisena has given instructions to the Ministry of Finance, the Central Bank and to the Heads of State Banks to implement a comprehensive program of 100 types of joint loan schemes, within the next few months, to provide assistance for the local small and medium-sized entrepreneurs and businessmen and women to uplift their businesses.
President gave these instructions during a meeting held with the Heads of State Banks at the Presidential Secretariat on Wednesday when the state commercial banks met with the National Economic Council (NEC).
At the meeting, the banks presented a combined portfolio of 100 types of loan schemes useful for economic revival of the country.
The objective of this program is to encourage the local small and medium-sized entrepreneurs and businessmen to induce a new revival in the field of local industry.
The President also instructed the Ministry of Finance to provide a report to him within the next two weeks regarding this task, which is to be implemented within the next few months.
The President stressed the importance of paying attention to the proportion of the profits earned by State Banks flows to the public. President Sirisena further said that it is very important in the economic processes of the country the relevant benefits flow towards the general public as well as to the entrepreneurs.
The President also highlighted the need for a broader publicity campaign to educate the public on these loan schemes and pointed out that one of the main issues that many entrepreneurs face are the issues related to the terms and conditions and documents required of guarantors when obtaining loans. He also stressed the importance of creating an environment to grant loans for entrepreneurs without any inconvenience.
President Sirisena advised the bank chiefs to implement special programs targeting unemployed graduates to develop them as entrepreneurs. He said that while providing these benefits to people, it should be done without any political intervention and advised the officials to take assistance from the village officers while implementing these programs.