Press briefing of Cabinet Decision taken on 2017-07-11

Introduction of a loan scheme for young graduates for business initiatives

- In the Budget 2016, it was proposed to provide loan facilities to young graduates subject to a maximum of Rs.1.5 million with a view to encouraging their participation in the economic development process of the country. The Bank of Ceylon and the People's Bank have expressed their willingnes to participate in the implementation of this loan scheme. In this regard, applications have been called through paper advertisements and 80 such applications have been received. Accordingly, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, for the Bank of Ceylon and the People's Bank to award the loan funds necessary for the implementation of 40 business projects recommended by the Sectoral Evaluation Committee comprising of experts relating to the relevant fields which evaluated the said business projects, was approved by the Cabinet.