Sri Lanka's Central Bank has introduced a priority sector lending target on credit granted by banks to individuals and businesses in the Micro, Small, and Medium Enterprises (MSME) sector.
Accordingly, banks shall grant credit to the MSME sector and ensure a growth rate of not less than 20 percent per annum on a Y-o-Y basis, over the outstanding stock of lending to MSMEs at the end of the previous year.
The Central Bank said in a Monetary Law Act order that enterprises with an annual turnover not exceeding Rs.
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1,000 mn will be considered as MSMEs for this purpose.
The move is expected to promote economic sectors with high potential in terms of domestic economic growth and export earnings, leading to the broad-based revival of the economy.
Prioritized economic sub-sectors:
- Food and beverage processing
- Production of medical utilities and related products
- Development of distance learning facilities
- Domestic cottage industry
- Rubber and rubber products
- Ship and boat building
- Cosmetics
- Batik and handloom
- Gem and Jewellery
- Health and wellness
- Electronics and electrical components
- Motor vehicle assembly
- Pharmaceutical manufacturing
- Porcelain, ceramics, and pottery