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| Sunday, 3 July 2005 |
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Editorial
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SMEB to create more jobs by Don Asoka Wijewardena As Sri Lanka is in the midst of growing unemployment, the Small and Medium Enterprise Bank (SMEB) which has taken the initiative to provide credit facilities to small and medium scale entrepreneurs and industrialists would create more employment opportunities in the country, said Prime Minister Mahinda Rajapakse at the launch of SMEB disbursement of 10,000 loans held in Anuradhapura on Wednesday. The Prime Minister said that over 50 per cent of entrepreneurs and industrialists belong to the small and medium scale category where repayment capability was at a risk as most major banks were reluctant to grant credit facilities to this category. He said that the last budget had allocated Rs. 5,000 million to help improve the small and medium scale enterprises on the instructions of President Chandrika Bandaranaike Kumaratunga and added that the government had taken a crucial initiative to upgrade the SME sector by providing loans to develop individual enterprises. The Premier said that the scheme was one of the most progressive schemes introduced by the government. Advanced Technology and National Enterprise Development Minister Rohitha Bogollagama said that his ministry had been entrusted with an enormous responsibility of developing the country's small and medium scale enterprises as most entrepreneurs and industrialists had encountered non-availability of credit facilities to further develop their industries. This problem had caused a tardy growth in the SME sector, he said. Referring to the objectives of the SME Bank loan scheme, Minister Bogollagama said that the SME Bank was formed within 179 days and in 93 National Savings Banks branches and in each branch the SME Bank counter was opened. He also said that the main aim of the bank was to promote entrepreneurship in the country to provide finances and other facilities to the small and medium scale entrepreneurs with or without collateral, to invest and manage the investment for development and add value to the product and market the same which would enable the enterprise to grow. Bogollagama explained that it was also one of the objectives of the SME
Bank to create around 50,000 jobs before the end of this year through
expanding the development capacity of small and medium scale entrepreneurs
and industrialists engaged in village level enterprises such as cottage
industry, small scale gem cutting, rice mills, food and food-related
industries. |
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