Lankaputhra Bank loans Rs. 2 b for local enterprises

Ruwanthi ABEYAKOON

LOANS: Loans worth Rs two billion have been given to local entrepreneurs in 18 districts, Senior Business Development Manager, Lankaputhra Development Bank, Kennedy Michael said.

He was speaking at a media briefing held to announce bank’s one-year completion, which falls on June 27.

“Loans were provided for agricultural industry, leather products, footwear, metal engineering and rubber products. Hospitals and hotels, which are in the service sector, were also provided with loans.

“A broad area was covered and the bank will provide loans for closed garment factories in the country,” Michael said.

He said that leather products can be brought up to the level of the apparel industry.

“We can introduce Sri Lanka as a regional hub for footwear. We have tied up with Footwear Manufacturer’s Association and the bank hopes to give Rs. 500,000 per person to increase the production,” he added.

“Our aim is to provide financial strength to aspiring individuals and companies. The funds are targeted at national development projects that focus on economic expansion.

Lankaputhra Development Bank will also act as the lead bank in `Krushi Navodaya’ project under the supervision by the Central Bank and the Finance Ministry.

There are fourteen banks involved in this project. We also train graduates with the assistance of Industrial Development Board before they are recruited as development agents,” he explained.

Michael said the bank was established with Rs. 1.5 billion and at present has 105 employees.

“The Hambantota branch was established targeting the mega projects taking place in the South while the Polonnaruwa branch was set up targeting the agricultural sector.

All the projects are in line with Mahinda Chinthanaya and our aim is to bring the local entrepreneurs to the international level,” he said.