The Government has launched a Multi‑Purpose Loan Scheme to support Sri Lankan migrant workers, enabling them to invest their overseas earnings in housing, education, business ventures, and other financial needs.

According to the Sri Lanka Bureau of Foreign Employment (SLBFE), the scheme is open to Sri Lankans employed abroad who can provide proof of overseas employment contracts and remittance records. 

Applicants must submit documents such as their passport, employment agreement, and proof of income transfers through official banking channels.

Loan facilities are available for purposes including building or purchasing houses, starting or expanding businesses, buying vehicles, and funding children’s education. 

The program is designed to ensure migrant workers can secure long‑term financial stability while contributing to the national economy.

Repayment terms are structured to suit overseas workers, with flexible installment options and competitive interest rates. 

The scheme is being implemented through leading banks including the Bank of Ceylon, People’s Bank, and Commercial Bank, with each institution offering tailored packages under the government framework. (Newswire)

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The Ministry of Industry and Entrepreneurship Development has announced concessional loan schemes for Micro, Small, and Medium Entrepreneurs and industrialists.

Publishing a newspaper advertisement, the ministry announced the SMILE 111 and E-Friend 11 loans, which are two specially designed concessional loan schemes. 

According to the ministry, the loan schemes, which are offered at annual interest rates of 2%, 5%, 6.5% and 8%, are being introduced to support SMEs and industries across Sri Lanka.

“These flagship financial facilities offer access to low-interest loans, tailored to stimulate the manufacturing sector, sustainable industrial development, improve productivity, and strengthen value chains across various sectors,” the ministry added. (Newswire)

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The government has commenced a pledge loan scheme under a concessionary interest rate for Small and Medium-scale (SME) Paddy Millers and Cooperative Societies for purchasing paddy in the 2024/2025 Maha Season, to maintain a reasonable price for farmers.

According to a statement from the Department of Development Finance of the Ministry of Finance, the implementation period of the concessionary loan scheme is 03 January to 15 May 2025. 

The target Group of this loan scheme is Small and Medium-scale (SME) paddy millers and Cooperative Societies, subject to the maximum daily paddy milling capacity of 25MT per day. 

Under this loan scheme, all borrowers can obtain loans at an interest rate of 7% per annum with an amount of Rs.50 million and the respective loan should be repaid within 180 days. 

The total value of the loans to be disbursed by the Banks is Rs. 10,000 million under this loan scheme.

It has also been planned to purchase paddy at a Minimum Purchase Price (MPP) declared by the Department of Agriculture to ensure a reasonable price for paddy harvest by farmers. (Newswire)

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The proposal to use Rs. 2 billion to implement a special loan scheme to remove obstacles for women to engage in economic activities has received a Cabinet nod.

According to the government, it has been observed that women’s participation in Sri Lanka’s economic affairs is at a lower level than in other regional and Asian countries. 

As per the 2022 survey of Sri Lanka’s workforce, thirty-five per cent of the economically active population are women and it shows a significant disparity in the gender contribution rates of economic participation. 

Opportunities for accessing financial resources are limited due to reasons such as women’s limited financial literacy and lack of property or security required to obtain a loan. 

The government pointed out that these have been identified as the main obstacles faced by women entrepreneurs in Sri Lanka. 

According to the decision of the Cabinet in February 2024, a provision of Rs. 20 billion has been allocated to implement an investment scheme to re-strengthen the enterprise sector. 

Therefore, the Cabinet approved the proposal presented by the President to implement a special loan scheme to remove obstacles for women to engage in economic activities by using Rs. 2 billion out of the allocated Rs. 20 billion. (Newswire)

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The new “Manusavi” Migrant Worker Loan Scheme was launched on Monday (Dec 04) together by the Sri Lanka Bureau of Foreign Employment (SLBFE) and the Central Bank of Sri Lanka (CBSL). 

Relevant loan proposal agreements were exchanged between officials of the SLBFE and the CBSL under the patronage of Minister of Labour and Foreign Employment Manusha Nanayakkara. 

According to the SLBFE, the loan can be obtained for starting or expanding a business, buying, constructing or expanding a house, buying land or a vehicle, higher education of children or any other productive purposes.

The SLBFE has allocated a sum of Rs. 5 billion to implement this loan scheme, while the maximum limit of the loan a migrant worker can obtain is Rs. 2 million, and the maximum interest rate that can be charged from the borrower is 8% with a maximum period of 36 months given to repay the money.

A migrant worker is required to maintain a separate or a joint Personal Foreign Currency Account (PFCA) or Savings Account (RSA) in a licensed commercial bank and should have remitted foreign exchange to the respective account (at least within the past three months) to be eligible for the loan scheme. 

To obtain the loan, applications can be forwarded to the respective bank before going abroad or while abroad, while the applicant can authorize a close relative through a power of attorney (POA) to receive the loan amount on their behalf.

Under the system, loans cannot be repaid in Sri Lankan Rupees (LKR), but the loan can be settled in LKR after returning to Sri Lanka upon completion of the foreign employment, to which the prevailing market interest rates will be applied.

Refinancing facilities are provided through the Regional Development Department (RDD) of the CBSL at an annual interest rate of 4% for the following licensed commercial banks that contribute to this initiative:

• Bank of Ceylon
  • People’s Bank
  • Commercial Bank
  • Hatton National Bank (HNB)
  • Sampath Bank
  • Seylan Bank
  • Cargills Bank
  • DFCC Bank
  • National Development Bank (NDB)
  • Pan Asia Bank
  • Union Bank (NewsWire)

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