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A North-East Development Fund for the poor of Jaffna was inaugurated by the Chairman, Ceylinco Consolidated Lalith Kotelawela last week. It coincided with the inauguration of branches of 11 companies of the Ceylinco Group in Jaffna.

The fund was set up with an initial deposit of Rs. five million donated by Seylan Bank which will be disbursed through Ceylinco Grameen Credit Company Ltd. Mr. Kotelawela inaugurating the Fund promised to give access to credit to all classes of society, a spokesman for the group said. The Ceylinco Grameen Credit Co Ltd was set up to function on the lines of Grameen Bank in Bangladesh.

Ten youth from the Jaffna peninsula were selected and trained to identify suitable beneficiaries for self employment in micro projects. They would disburse loans to the poor in Jaffna devoid of any collateral.On this day 75 persons from Gurunagar received a sum of Rs. 5000 each (375,000). Depending on their investment on micro self employment projects they were promised extensions of the loans in the future. The balance from Rs. 5 million will be disbursed among similar groups of deserving people within the next six months, the spokesman added.

The 11 companies are located in two buildings at Hospital Road, Jaffna and No 173, Stanley Road Jaffna.

A meeting with the members of the Jaffna Chamber of Commerce, the Ceylinco chief said that he would endeavour to see that funds originating as investments from people who live in the peninsula would be reinvested by the Ceylinco Group of Companies for the development of Jaffna as requested by them, the spokesman said.

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