Sri Lanka introduces loan scheme for unemployed youth to engage in agriculture
The Small Scale Agri-Entrepreneurship Participation Programme (SAPP) project of Sri Lanka’s Ministry of Agriculture has introduced a relief loan programme allowing unemployed youths to obtain loans at an interest rate of 6.5 percent for agricultural activities.
Accordingly, youths who are unable to obtain loans from state banks owing to unemployment but have an interest in farming and other agriculture-related activities will be given this relief, Minister of Agriculture Mahinda Amaraweera said.
Minister further explained that the measure was taken in attempts to further encourage such interests amongst the youth, and to allow those already interested in such activities to have a farm or animal husbandry of their own.
Accordingly, the SAPP project introduced the concessional loan scheme in Hambantota on Saturday (May 13) to encourage the youth to engage in agriculture.
Under this scheme, loans of Rs. 1 million and Rs. 2 million will be granted to 50 youth in the Hambantota district at a minimum interest rate of 6.5 percent.
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The 1-2 million LKR being offered will only buy a little; just enough for a home garden.
This is a real waste of money.