Investment Loans: Up to Rs. 15 Million at 7% Interest
Working Capital Loans: Up to Rs. 5 Million at 8% Interest
Total Allocation: Rs. 18 Billion (financial aid)
15 Banks and Financial Institutions Involved
Strengthening SMEs for National Development
National Development Bank for SMEs Announced
President Ranil Wickremesinghe unveiled a new financial package to support micro, small, and medium enterprises (MSMEs) at the Presidential Secretariat. The package offers both investment and working capital loans, aiming to help MSMEs recover and grow.
Fifteen banks and financial institutions will provide these loans at subsidized rates. The initiative targets MSMEs that have continued to operate despite economic difficulties.
Loan Schemes
MSME Investment Loans
- Interest Rate: 7%
- Term: 10 years
- Max Loan: Rs. 15 million
- Total Fund: Rs. 13 billion
Working Capital Loans for Non-Performing MSMEs
- Interest Rate: 8%
- Term: 5 years
- Max Loan: Rs. 5 million
- Total Fund: Rs. 5 billion
Participating Banks Include:
- Bank of Ceylon
- People’s Bank
- Regional Development Bank
- State Mortgage and Investment Bank
- Hatton National Bank
- Seylan Bank
- Sampath Bank
- Commercial Bank
- DFCC Bank
- National Development Bank
- Nations Trust Bank
- Sanasa Development Bank
- Union Bank
- Pan Asia Bank
- Cargills Bank
President Wickremesinghe stressed the critical role of MSMEs in national development, noting their significant impact from the recent economic collapse. He also announced the creation of a National Development Bank to support MSMEs with needed capital.
Additional Economic Measures
The President outlined efforts to attract foreign investment and support large-scale enterprises, along with programs aimed at uplifting everyday Sri Lankans. The credit scheme is designed to help MSMEs adapt to changes, including climate impacts. Key focus areas include:
- Agriculture
- Tourism
- Manufacturing
- Technical and Export-Oriented Industries
- Women-Led MSMEs
The scheme also aligns with the government’s goal of boosting exports and reducing import dependency.
Event Attendees
Key attendees included:
- Minister of Health and Industries Dr. Ramesh Pathirana
- State Ministers Ranjith Siyambalapitiya, Shehan Semasinghe, Prasanna Ranaweera
- Chief of Staff and Senior Advisor on National Security Sagala Ratnayaka
- Secretary to the Ministry of Finance Mahinda Siriwardena
- Senior officials from the Ministry of Finance
Summary(financial aid)
President Ranil Wickremesinghe’s announcement of a substantial financial aid package is set to provide critical support to Sri Lanka’s micro, small, and medium enterprises (MSMEs). With Rs. 18 billion allocated across investment and working capital loans, and the involvement of fifteen major banks, this initiative aims to bolster MSMEs’ recovery and growth. By addressing the needs of both performing and non-performing MSMEs, the package underscores the government’s commitment to revitalizing the sector and reinforcing its role in national development.
