ICTA loans to boost industry
by Elmo Leonard
Private sector ICT firms who have the capability to implement
innovative projects could obtain loans through the Information
Communication Technology Agency of Sri Lanka (ICTA) in a bid to provide
a short term boost to the industry.
Coming under the ICT Capacity Building Programme (ICBP) approximately
560,000 of World Bank funding of $5.2 million will be made use of for
this initiative. In ICT, Sri Lanka is far behind, and it is intended to
improve the industry, making use of local strengths.
The first of these is expected to be the setting up of centres of
excellence, for R&D priority areas. Or, areas where Sri Lanka may emerge
as a global specialist, program manager at ICTA Fayaz Hudah told the
media.
Companies with a domestically incorporated legal presence in ICT,
proposing commercially useful research and development in priority
fields are eligible to apply. Two grants per annum, each equal to the
lower of $35,000 or 60 percent of total cost incurred, could be obtained
under this category.
The second, innovation in software for specific industries where Sri
Lanka has potential for market specialisation.
Here, it is meant to provide support for ICT research and development
initiatives in thrust industries such as garments, spices, gem and
jewellery, tea and tourism.
It is intended to make them more efficient and competitive and to
develop software applications that will help improve productivity
through wider ICT usage. It will involve areas that Sri Lanka has the
potential for market specialisation.
These industries have been identified as thrust industries as the
island now has a comparative and absolute advantage in these sectors,
Hudah said. Under this category, two grants per annum each equal to the
lower of $25,000 or 50 percent of the total cost incurred could be
obtained.
The third grant provides small and medium entrepreneurs seed money to
develop ICT concepts that have broad application in the ICT industry or
to Sri Lankan businesses in general.
The concept to be developed could be in the ICT industry itself or in
a non-ICT sector, where ICT is the primary tool to be utilised in
developing the concept. This grant is meant for small and medium
domestic ICT companies. Ten grants per annum, each equal to the lower of
$5,000 or 60 percent of the total cost incurred covers this category.
It is intended to create centres of excellence, in the ICT industry,
in Sri Lanka. This is just the beginning of a much wider involvement of
government and the private sector to assist ICT innovative enterprises,
Prof Samaranayaka said.
More details on ICTA website www.icta.lk/icbp
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