Govt. to launch concessionary loan scheme for young agri and industry entrepreneurs

The government has decided to introduce a concessionary loan scheme for young entrepreneurs in the agriculture and industry sectors, Cabinet Spokesman and Health Minister Dr. Nalinda Jayatissa said  yesterday.

Addressing the media, the Minister said the lack of affordable financial facilities has been a major obstacle to fostering entrepreneurship and investment in these sectors. He claimed that the situation has led to a decline in interest among young people in agriculture, an increase in uncultivated lands, and a decrease in food production.

The new scheme, to be implemented with the Bank of Ceylon, People’s Bank, and Regional Development Bank, aims to help achieve the government’s target of creating 50,000 agricultural entrepreneurs within five years.

According to the 2025 budget proposal, Rs. 500 million has been allocated for the initiative. Each beneficiary will be eligible for up to Rs. 5 million, with an annual interest rate of 4 percent on the outstanding loan amount.

The programme will run for five years and is expected to significantly boost entrepreneurship in agriculture and industry while strengthening the country’s food security.