Strengthening entrepreneurs at grass-roots level vital: PM

Prime Minister Ranil Wickremesinghe lighting the tradional oil lamp to inaugurate the Asian Credit Union Forum 2017 hosted by The SANASA Federation of Sri Lanka at the Galadari Hotel,Colombo yesterday. Picture by Saman Mendis

The government intends to boost the rural economy while strengthening entrepreneurs at grass-roots level, Prime Minister Ranil Wickremesinghe said yesterday.

“If the economy is to grow,it is pivotal that businesses at grass-roots be strengthened while developing public and private sector business ventures,” the Prime Minister said.

The Premier was addressing the gathering at the at the Asian Credit Union Forum 2017 hosted by The SANASA Federation of Sri Lanka at the Galadari Hotel,Colombo on the theme ‘Building Together to Create Value for People and Communities’.

He said that public and private banks as well as lending institutions like “Sanasa” must come forward to provide micro finance by providing an uplift to businessman at grass-roots level.But,unfortunately,the funds received by business ventures at grass-roots level are much less when compared to funds received by major business ventures.”Therefore,the next budget will have a proposal to channel more funds to business ventures at grass-roots level,” the Prime Minister said. “Credit facilities providing at grass-roots level by private banks are insufficient when considering service provided by state banks and several microfinance providers such as ‘Sanasa,” the Prime Minister said.

“We must also create a very strong fiscal foundation to strengthen the existing business ventures while facilitating the commencement for the new businesses,”the Prime Minister added.

The Premier further said there had been growing demand for assistance from emerging entrepreneurs at village level and the recently launched Swashakthi loan scheme will support their new business ideas. 

 

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