Tsunami damaged industries need a minimum Rs. 1.2 bn to rebuild businesses

Industrial Development Board says micro, small, medium and large scale industries damaged by the December tsunami need a minimum Rs. 1.2 bn to reestablish their businesses. Industrial Development Board says micro, small, medium and large scale industries damaged by the December tsunami need a minimum Rs. 1.2 bn to reestablish their businesses. The findings are part of the post-tsunami study the Board will use to raise and coordinate funds to rebuild the sector.

Industrial Development Board Chairman Dr. Sanath Alahakoon said board had already disbursed Rs. 200 million in immediate relief during and after the study.

The study surveyed 4389 manufacturing ventures across the island affected by the tsunami, with most loosing their entire investment in equipment and other infrastructure.

The board estimates the total damage to the businesses at Rs. 1.4 billion, with total investments in the sector reaching Rs. 3.2 billion.

The damage estimate does not include the cost of repairing or rebuilding buildings that housed the businesses.

The textile and wearing appeal and coir industries were the worst affected with a combined damage of Rs. 1.9 bn.