Dec 14, 2017

5000 SL industries hit Rs 5 Bn green fund jackpot

More than 5000 Sri Lankan industries have secured country's first large scale green funding initiative aimed solely at their manufacturing sector-including the SME industries.

A massive Rs 5 Bn in funds are to be channelled through 11 leading financial institutions-which includes nine commercial banks.

More than Rs 5 billion will be disbursed under this scheme to more than 5000 industries in the next 3-5 years.

In this first ever green financial industry initiative in Sri Lanka, each qualifying industry is entitled to get a maximum loan of Rs 30 Million at a low interest of only 6.5% in the next 3-5 years.

“Many industries including small and micro industries did not receive sufficient funds and did not have pollution control measures. The SME Loans help the industries and industrial entrepreneurs to commence their green initiatives and perform environmentally friendly steps” said Minister of Industry and Commerce Minister of Sri Lanka Rishad Bathiudeen.

Minister Bathiudeen was addressing the Environmentally Friendly Solution Revolving Fund Loan Scheme organized by the Project Management Unit under his Ministry at Colombo 3 .

The scheme will provide more than 5000 Lankan industries low cost loans (at 6.5% per annum) at a total Rs 5.2 Bn for the next 3-5 years for their industry upgrades related to green and environment friendly initiatives. 9 commercial banks including BoC, Commercial Bank, People’s Bank, DFCC and RDB as well as two financial institutions act as Participating Credit Institutions (PCI) in this venture.