Sri Lanka’s SME tea estate owners get boost via Rs. 797 million ADB funding
Daily FT: Minister of Plantations Dr. Ramesh Pathirana has instructed State banks to pay more attention to the loans provided by the Asian Development Bank (ADB) to small and medium scale (SME) tea estate owners.
He said that the Ministry had received information that SME tea estate owners were finding it difficult to obtain loans.
The ADB has provided a loan of Rs. 797 million to the Government to uplift SME tea estate owners and State banks are to channel the funding.
The request for State banks to extend proactive support was made during a review of the ADB funding scheme by Minister Pathirana recently.
He said about 75% of SME tea estate owners play a significant role in strengthening the economy of this country.
“We should appreciate it. The Government wants to further strengthen these SME tea estate owners,” he said.
The Minister also instructed officials to give priority to SME tea estate owners and take necessary steps to providing loans.
State Minister Kanaka Herath, Secretary to the Ministry of Plantation Ravindra Hewawitharana, Ministry officials and senior officials of State banks also participated in the discussion.
Sri Lankan authorities are focused on uplifting and developing the country’s tea plantation sector. Sri Lanka’s tea exports have recorded a steady growth while increasing its revenue as well. The government of Sri Lanka has introduced many incentive packages to promote the country’s tea plantation sector. The many trade agreements as well as concessions enjoyed by the country have also helped boost Sri Lanka’s tea industry. However, the full potential of Sri Lanka’s tea industry is yet to be exploited. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s tea industry.
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