The government plans to revive the local construction industry with housing schemes for migrant workers and public servants and a cess on contractors.
The government plans to revive the local construction industry with housing schemes for migrant workers and public servants and a cess on contractors. The budget on Thursday announced that the Construction Industry Guarantee Fund would be enlarged to Rs. 500 mn together with a new a new housing loan scheme for migrant workers and public servants.
Migrant workers with a minimum deposit of US$ 250 in a NRFC account, with any of the state banks, can qualify for a loan up to Rs.250,000 to purchase or construct a house at an interest rate of five percent per annum.
The interest subsidy and the loan guarantee against the deposit, will be provided by the Sri Lanka Foreign Employment Bureau, said the Minister of Finance.
Migrant workers annual remittances have now reached US,500 million.
Meanwhile a cess of 0.25 percent was slapped on small contractors and a cess of 0.5 percent on medium contractors and one percent on large contractors, on contract turnover.
The money will feed the