Sri Lanka to launch loans to aid SMEs
Source: Xinhua | 2024-02-28 | Editor:Ines
Sri Lankan government is expected to provide 20 billion rupees (about 64.5 million U.S. dollars) in loans to assist small and medium-sized enterprises (SMEs) and other businesses affected by the economic downturn, cabinet spokesperson Bandula Gunawardena said on Tuesday.
Gunawardena told a press conference the program will receive support from the Asian Development Bank (ADB).
Gunawardena said that both new and established businesses will have access to 15 billion rupees (48.3 million dollars) in loans, while the remaining 5 billion rupees (16.1 million dollars) will be allocated for the SMEs grappling with non-performing loans.
The loans will be distributed via authorized credit institutions, Gunawardena said.
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