Published on: December 2, 2023

The capital needed by entrepreneurs is to provide under 2% loan interest concession – State Minister for Small and Medium Enterprises Development, Prasanna Ranaweera

State Minister for Small and Medium Enterprises Development, Mr. Prasanna Ranaweera, emphasized that President Ranil Wickremesinghe’s vision is to cultivate entrepreneurship in the present generation, aligning them with the demands of the modern world.

The Minister of State emphasized that, for the first time in history, in collaboration with the Asian Development Bank (ADB), a fund of Rs.30 billion has been allocated under the small loan scheme for enterprise development. Efforts are underway to provide entrepreneurs with the initial capital required, availing them a 2% loan interest relief.

The State Minister for Small and Medium Enterprises Development, Mr. Prasanna Ranaweera, highlighted this during a press conference at the Presidential Media Centre (PMC) today (02) under the theme ‘Collective path to a stable Country’.

The State Minister further commented:

“Fostering the growth of entrepreneurs, constituting 2.8% of our country’s total population, is a responsibility bestowed upon us. Between 2024 and 2028, our objectives include elevating the entrepreneur count to 10%. Presently, initiatives are underway to cultivate micro, small, and medium-scale entrepreneurs within this demographic. To achieve this, extensive collaborative efforts have been initiated with the institutions under the Ministry.

Additionally, over 200,000 children enter the job market following the G.C.E. Ordinary Level Examination, facing limited opportunities. Our aim is to empower them to become entrepreneurs.

We also aspire to uplift children who take to the streets with three-wheelers, vending by offering essential knowledge and training, providing them with an opportunity for a better future.

For the first time in history, a ground-breaking initiative has been undertaken in collaboration with the Asian Development Bank, allocating Rs. 30 billion under the small loan scheme for enterprise development. The focus is on providing essential initial capital under a 2% loan interest concession. President Ranil Wickremesinghe’s vision is to transform the current generation into entrepreneurs, aligning them with the demands of the modern world.

Moreover, the global market is prepared to allocate 789 billion for handicrafts in the fiscal year 2024-2025. Securing just 1% of this market share for our country would be a significant accomplishment”.

Mission

The Presidential Media Division is fully responsible for socializing the views, actions, decisions and statements of His Excellency the President through the media. Electronic, print and new media will contribute to this through a credible and engaging approach.

The media department works as a source of information on the subject of the President’s vision and mission by maintaining good coordination with public and private media organizations and journalists.

National policies, plans and measures are explained to the people through the use of high quality media. Identify the fallacies and reveal the truth.