Nov 25, 2017

Mangala grants loans to those on the CRIB!

Finance and Media Minister Mangala Samaraweera said with regard to local small and medium scale businesses with export potential but who are on the Credit Information Bureau (CRIB) list, the government has decided to grant them assistance through a protection fund.

This credit scheme is to be initiated to assist those industrialists who have obtained loans and are unable to repay them.

The minister said currently we have a culture of importing everything from a needle to aircrafts and this massive measure is taken by the government to encourage and support local exporters.

Accordingly, this will be a big boost to local entrepreneurs with export potential.

Further, the Finance Minister said through the budget the government has taken measures to provide rent concessions of up to 36 months to exporters who maintain shops or stalls overseas. The government has allocated Rs. 800 million for this purpose through the budget 2018.

He said the intention of this measure was to develop the current export revenue of $ 13.5 billion to the targeted $ 20 billion within a few years’ time.

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