Loans up to Rs. 5 million will be given to farmers at 4 percent interest rate to grow 36 crop varieties including paddy under the New Comprehensive Rural Loan Scheme (NCRCS), announced yesterday by the government.
The decision was reached at the meeting of the Presidential Task Force, under the orders of Prime Minister Mahinda Rajapaksa, led by former Minister Basil Rajapaksa on Supplying Essential Goods
The loans will be repaid via state banks within nine months to grow paddy, chillies, onions, cowpea, green gram, soya beans, kurakkan, maize, sesame, sunflower, potatoes, sweet potatoes, manioc, coffee yam and vegetables.
The Central Bank has also approved loans for the Saubhagya (Prosperous Tomorrow) Home Garden Program up to a limit of Rs 40,000 at an interest rate of 4 per cent. Such loans will also be issued under the NCRCS via state banks. The government’s loan interest rate support for this loan plan is 5 percent.
It was also agreed, under the Saubhagya Loan Scheme, to pay a loan of up to Rs. 25 million at an interest rate of 8 percent. Under the Swashakthi Loan Scheme, it was agreed to grant up to a limit of Rs. 250,000 at an interest rate of 5.5 percent.
However, under the Small and Medium Enterprises Line of Credit Loan Scheme, it was decided to offer loans of up to Rs 50 million at an interest rate of 11.7 per cent. These are among the steps that the Government is taking in a post-COVID-19 scenario to revitalize agriculture, SMEs, manufacturing and other major sectors of the economy.
In the meantime, the deans of State Universities’ agricultural faculties have written to President Gotabaya Rajapaksa appreciating the measures taken so far to ensure continuity in agriculture and outline the measures that can be taken to revitalize agriculture and ensure food health.
(LI)