Home » New development bank to provide aid to Sri Lanka industrialists: President Ranil

New development bank to provide aid to Sri Lanka industrialists: President Ranil


By: Staff Writer

June 20, Colombo (LNW): President Ranil Wickremesinghe announced the establishment of a new development bank aimed at providing financial support to industrialists in Sri Lanka. This initiative will offer industrialists the opportunity to obtain loans at low interest rates.

Additionally, the President revealed plans to set up an Economic Commission to oversee these activities. A new institution, “Enterprise Sri Lanka,” will also be created to empower small and medium-sized entrepreneurs.

President Ranil Wickremesinghe made this announcement during the inauguration of the International Industry Expo 2024, the first event of its kind in Sri Lanka.

Organized by the Industrial Development Board under the guidance of the Ministry of Industry, and with the support of Industries and Health Minister Dr. Ramesh Pathirana, the exhibition will run from today until June 23 at the Sirimavo Bandaranaike International Conference Hall.

Over a thousand international industrial entrepreneurs from various countries, along with local large-scale and medium-scale industrialists, are participating in this event.

 The expo features 1,307 exhibition booths, with the special inclusion of a separate green industrial zone for the first time. Additionally, an experimental academic conference on green industrialization will be held during the exhibition.

President Ranil Wickremesinghe inaugurated the International Industry Expo 2024 by cutting the ribbon and the President engaged in a tour of the exhibition.

In his address, the President remarked that some individuals have become accustomed to taking every development initiative to court. He emphasized that such actions hinder progress and stressed that the country can only be developed through a consistent national policy.

We were once a bankrupt nation. However, in the coming weeks, we anticipate shedding this label entirely he disclosed.

Negotiations for the related agreement are also slated for completion in the near future, facilitating smoother dealings with private creditors. These achievements have been realized over the past two years.

Yet, we must not rest on these achievements. Our focus must now shift to debt repayment strategies, as we aim to settle outstanding loans over an extended period, ideally extending until 2042, he revealed.

In this shift towards an export-oriented economy, the manufacturing sector plays a pivotal role. This sector needs to evolve into a competitive and digital economy, aligned with our goal of achieving zero carbon emissions and fostering a green economy.

The Government’s immediate priority is to enhance the competitiveness of existing industries through strategic plans.

Achieving competitiveness cannot happen overnight; neighbouring countries like India, particularly in states such as Tamil Nadu, Telangana, and Andhra Pradesh, have made significant strides in industrial development he claimed.

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