A boost for dairy farming | Daily News

A boost for dairy farming

Prime Minister Mahinda Rajapaksa yesterday instructed the officials to increase the loan amount of Rs 500,000 that was proposed through the Budget proposals for dairy farmers up to Rs.1 million.

Hence the dairy farmers would get an unprecedented opportunity from next week to get loans up to Rs 1 million at a 4 percent interest rate to develop their infrastructure facilities related to their industry. This measure is taken to reduce the expenditure on import of milk powder.

 The Prime Minister made this directive at the Development Review Meeting at the Finance Ministry. He also pointed out that the attention of the Government has been drawn on attracting foreign investors rather than taking foreign loans.

The Finance Ministry Secretary explained that the interest rates of the housing loans already taken by the Government servants and those to be taken will be dropped up to 7 percent and the same is then similar to a Rs.2,500 to Rs.3,000 salary increase.

The Government has also planned to grant loans up to Rs.800,000 for both Government and non government employees at an interest rate of 4 percent to fix solar panels to increase the use of renewable energy and hence reduce the expenditure on fossil fuels for thermal energy.