New Money

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

The Ministry of Enterprise Development, Industrial Policy and Investment Promotion. is hoping to raise US$ 90 mn next year to fund the second leg of a concessionary loan scheme to small and medium scale enterprises.
Ministry officials say they could approach the Asian Development Bank (ADB) for assistance, this time to help the state raise the second round of funding. rn

rnHow and from where the monies will come is yet to be worked out. rn

rnADB officials told Lanka Business Online that some US$ 90 million was scheduled for 2004 from the Tokyo round, but for what the funds would be used had not been defined yet. rn

rnIn addition, ADB officials said that funding for a SME loan scheme was not in their assistance agenda yet. rn

rnA first leg US$ 60 mn ADB funded project rolled out in 2002 has already approved US$ 40 mn in loans to the small and medium scale sector. rn

rnThe assistance routed through a special programme endash lquote Sahanya was part of larger state initiated fiver year program

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