In a significant development, Prasanna Ranaweera, the State Minister for Small and Medium Enterprise Development in Sri Lanka, has unveiled plans to offer loans to entrepreneurs at a highly concessional interest rate of 2%. This initiative is part of a concerted effort to foster and support small and medium enterprises (SMEs) in the country.
Minister Ranaweera disclosed that a dedicated fund of 30 billion rupees has been allocated for this program, and the initiative is being undertaken in collaboration with the Asian Development Bank, signaling a strategic partnership to boost entrepreneurial activities.
Presently, a modest 2.8% of Sri Lanka’s population comprises entrepreneurs. The minister, however, articulated an ambitious vision to significantly raise this figure to 10% by the year 2028. This targeted expansion of the entrepreneurial base aligns with broader economic development goals and reflects the government’s commitment to nurturing a robust ecosystem for small and medium-sized enterprises.
The announcement of the concessional interest rate and the substantial fund allocation underscores the government’s proactive approach to stimulate entrepreneurship, ultimately contributing to economic growth and job creation. Minister Ranaweera’s vision for a tenfold increase in the proportion of entrepreneurs by 2028 signals a bold step towards a more vibrant and diversified economic landscape in Sri Lanka.
