As Sri Lanka works to enlist its one million strong SMEs in its middle income climb, it is also quietly bolstering the sector by directly intervening in one of the thorniest of issues, SME financing.
“Our government is working to make Lankan SMEs a strategic partner in its journey towards higher middle income ranks,” Industry and Commerce Minister Rishad Bathiudeen said.Minister Bathiudeen addressing the 21st Sri Lankan Entrepreneur of the Year Awards hosted by the Federation of Chambers of Commerce and Industry.
It is estimated that slightly more than one million micro, small, medium and large enterprises are operating in Sri Lanka employing three million people. This year, Rs 4 bn funds were disbursed to 976 projects (from Jan-Sept) for several SME aspects but mostly capital investments and working capital by Ministry of Industry and Commerce’ SMILE III.
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