Govt to launch joint loan programme for new entrepreneurs in January - Minister

A joint programme by the Ministry of Finance and the banks to provide loan facilities for new entrepreneurs is planned to be launched in January next year, Minister of Industry and Entrepreneurship Development Sunil Handunneththi stated.

He expressed these views during the meeting of the Ministerial Consultative Committee on Industry and Entrepreneurship Development, held in Parliament under his chairmanship, the Department of Communications of Parliament said in a statement.

Commenting further, the Minister pointed out that Rs. 80,000 million has been allocated by the Budget for this year to provide loans for new entrepreneurs, and that this joint programme will be implemented to distribute those funds effectively among new entrepreneurs.

He further stated that a programme is expected to be held in January next year to inform Members of Parliament about the sectors for which these loan facilities will be provided, as well as the overall process relating to the provision of these loans.

The Minister also stated that a National Database for Industrialists has been initiated for the purpose of collecting information relating to all industrialists in the country under a single system, it said.

Commenting on this, an official of the Ministry of Industry and Entrepreneurship Development said that the necessary promotional activities will be carried out to inform all entrepreneurs about registering in this database, and that registration will enable them to conveniently access the required services.

Further, views were expressed during the committee meeting regarding the provision of collateral-free loan facilities to craftsmen registered with the National Crafts Council.

The officials of the National Paper Company Limited also presented details to the committee regarding the current progress of the mill. They stated that, after rectifying the shortcomings that had existed, the mill has been able to increase its monthly production capacity from the previous 150–180 metric tons to 400 metric tons.

In addition, the Minister of Industry and Entrepreneurship Development, Sunil Handunneththi, presented information regarding the National Advisory Framework that has been developed for issuing excavation permits in the country.

He further stated that, with the objective of introducing a more systematic process in place of the currently disorganized issuance of excavation permits, this advisory framework will be introduced in January next year, the statement added.

The meeting of the committee was attended by the Deputy Chairperson of Committees, (Mrs.) Hemali Weerasekara, Ministers, Deputy Ministers, Members of Parliament, and officials of the Ministry of Industry and Entrepreneurship Development.