September 30, 2022
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    Banks have to change their attitudes if SMEs are to succeed - Cabraal

    May 12, 2014

    The North is no longer a lagging province and is taking the leadership role in creating growth in the SME sector and in many areas, said Ajith Nivad Cabraal ,Governor Central Bankwhileon an  inspection tour in Jaffna.

    The Government has supported the SME sector and wishes to ensure that the SME sector in all parts of the country is supported very significantly.  An investment of US$3.5 billion had been incurred to ensure the infrastructure is of a certain standard to support SME development.


    The SME sector is the backbone of the economy in any country and it is no different in Sri Lanka. Banks and the Central Bank have a great role to play in supporting people's innovative ideas so that they can continue to find ways and means of economic activity.


    "At the Central Bank, we have changed our attitude and we have got a regional development focus which is to promote the SME sector. Every day we are searching for new ways in which we can provide the necessary capital for businesses to run effectively," Cabraal said.
    Banks also must find the ways and means of providing the capital as well as loans to enable people to do their business.The banks have to change their attitudes if SMEs are to succeed. Banks must not think that the SME sector is only about agriculture. They must support agriculture, but at the same time they must support new industries, new enterprises and new skills that are needed by society.


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