People’s Bank initiates a programme to develop MSMEs

People’s Bank initiates a programme to develop MSMEs

8 July 2020 03:36 pm

People’s Bank has agreed to initiate a program to develop Micro, Small and Medium Enterprises in the country in collaboration with the Industrial Development Board (IDB) under the Ministry of Industries and Supply Chain Management.

Accordingly, the Bank and the IDB have decided to empower the average 5000 MSMEs with technical and managerial support and the proper financial facilities to ensure the sustainability of them.

The main objective of the project is to develop the industries with greater potential for export, import-substitution, domestic value addition, and employment generation
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The subject project is to be financed by the customized credit facilities offered by the Bank. Customers who are recognized and strengthen through managerially, market accessibility also via technologically by the IDB are directed to the Bank to offer financial support.

The loan amount is to be decided on the volume of the requirement and the financial feasibility and viability of the project and loan are to be considered subject to the conditions which are stipulated in the relevant SME loan products.

Follow up and review of the loans and the business activities is to be carried out by the IDB with the support of the People’s Bank.

MOU will be signed on 09th July 2020 at the People’s Bank Auditorium in the People’s Leasing Building, Thummulla junction Colombo.