Sri Lanka launches Rs. 500 Million concessional loan scheme for young entrepreneurs

The Ministry of Agriculture, Livestock, Lands, and Irrigation has introduced a concessional loan programme worth 500 million rupees to encourage young entrepreneurs in the agriculture and industrial sectors.

Agreements for the programme were signed yesterday (September 1) at the Ministry of Agriculture with the Bank of Ceylon, People’s Bank, and Regional Development Bank.

The Ministry announced that the application form for the loan scheme will be published through a gazette notification in the coming days and will also be made available through newspapers and other media outlets.

Speaking at the signing ceremony, Ministry Secretary D. P. Wickremasinghe said the programme is expected to bring a transformation in the agricultural sector. He noted that entrepreneurs who face financial difficulties in advancing to the next stage of development will be able to receive the required financial support through this scheme.

The loan will be provided at a concessional interest rate of 4 percent, which will only cover administrative expenses.

The Ministry emphasized that the aim of this programme is to grant affordable loans at a low interest rate in order to uplift the agricultural sector and move it towards a more advanced level.