The ministry in collaboration with the Ministry of Industries will provide credit facilities of Rs. 5 million each to 1000 selected existing MSMEs for further expansion and recovery of their businesses via licensed commercial banks and licensed specialised banks at concessional interest rates.

Another special loan scheme amounting to Rs.3 billion will be implemented with support from the Asian Development Bank (ADB) in addition to the 2024 budgetary support.

The government is also considering the possibility of upgrading the Sri Lanka Savings Bank, a subsidiary of the National Savings Bank, to a MSME bank or to set up a special purpose vehicle (SPV) to disburse loans easing the burden on the banking sector.

Preliminary activities in the selection of eligible existing MSMEs are now underway and further information relating to this loan scheme could be obtained from the director (sectorial development division of the ministry of industries), President of the Ceylon Federation of MSME, Shashika De Silva disclosed.