New Bank to be Established to Provide Loans to Private Sector- PM

Prime Minister Ranil Wickremesinghe was addressing the 53rd Annual Report Awards Competition organised by the Institute of Chartered Accountants at the BMICH. At this event he announced establishment of a new bank to provide development funding to the private sector next year.

The Prime Minister explained that the new bank would have the Treasury, three state banks and main commercial banks as stakeholders. The Bank is expected to have an initial investment of Rs.30-35 billion. This would simplify the process of providing finance to the private sector for business development and remove the need for the government to run separate offices to provide loans.

“The Central Bank Governor and Treasury are also talking to the ADB to have them also come in as a stakeholder,” the Prime Minister added.