Govt. collaborates with ADB to provide capital to entrepreneurs at 2% interest rate

In an effort to encourage the younger generation to embrace entrepreneurship, the government announced that it has made efforts to increase their access to finance by providing loans at 2 percent concessional interest rate.
The government has collaborated with the Asian Development Bank (ADB) for this effort, under which a Rs. 30 billion fund has been allocated to provide entrepreneurs with the initial capital required.

State Minister for Small and Medium Enterprises Development Prasanna Ranaweera noted that such an endeavour is rolled out for the first time in history.
“Fostering the growth of entrepreneurs, constituting 2.8 percent of our country’s total population, is a responsibility bestowed upon us. Between 2024 and 2028, our objectives include elevating the entrepreneur count to 10 percent.

“Presently, initiatives are underway to develop micro, small, and medium-scale entrepreneurs within this demographic,” said Ranaweera addressing a a press conference at the Presidential Media Centre (PMC) recently.
To ensure the scheme is implemented effectively, extensive collaborative efforts have been initiated with the institutions under the Ministry for Small and Medium Enterprises Development.  At present, over 200,000 children enter the job market following the G.C.E. Ordinary Level Examination, facing limited opportunities. Accordingly, the scheme is rolled out with the aim of empowering this segment to become entrepreneurs. 

“We also aspire to uplift children who take to the streets with three-wheelers, vending by offering essential knowledge and training, providing them with an opportunity for a better future,” said Ranaweera.
He added that while the global market is prepared to allocate Rs.789 billion for handicrafts in the fiscal year 2024-2025, securing just 1 percent of this market share would be a significant accomplishment for Sri Lanka.