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| Sunday, 6 March 2005 |
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| News Business Features Editorial
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Rs. 5b. to restart tsunami ravaged business by Ananda Kannangara The Finance Ministry yesterday confirmed that a large number of persons in the tsunami affected areas in the Northern and Southern districts have applied for loans to the value of Rs. 4,500 million to re-start their damaged business ventures. The Central Bank, on a directive made by the Finance Ministry last week issued Rs. 5,000 million to all State banks including the People's Bank, the Bank of Ceylon, the National Savings Bank and several selected mercantile banks in the tsunami areas to expedite the payments. The Ministry also extended this facility to all recognised finance companies, located in the devastated areas. "We have directed the officials in all these lending institutions to make the payments after a careful study of the authenticity of the requests made by people of their business premises," Deputy Finance Minister Ranjith Siyambalapitiya told the "Sunday Observer" yesterday. He said that loan facilities are available not only for shops and boutiques damaged by the tsunami but also for garages, washing centres, laundries, vehicle sale centres, etc. The Deputy Minister further said that letters, issued by the area gramaseva niladaris and divisional secretaries in this regard is essential to make the payments. The payments will be made before the end of this month. "The borrowers will have to furnish the building that is to be constructed as surety and no instalments will be charged for a period of one year as a special concession granted by the Government," he said. He said this loan facility is also applicable for vehicle owners who lost or damaged their vehicles such as passenger buses, delivery vans, tractors or any other commercial vehicles and they too could purchase vehicles under the regulations of this new scheme. |
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