A joint programme by the Ministry of Finance and local banks to provide loans for new entrepreneurs will be launched in January next year, Minister of Industry and Entrepreneurship Development Sunil Handunneththi announced during a parliamentary committee meeting.

He said Rs. 80 billion allocated in this year’s Budget will be distributed through the new scheme to support emerging businesses, with MPs to be briefed on eligible sectors and procedures in January.

The Ministry has also initiated a National Database for Industrialists to centralize information and improve access to services.

Officials noted that promotional activities will be carried out to encourage entrepreneurs to register.

Committee members also discussed providing collateral-free loans for craftsmen registered with the National Crafts Council.

The National Paper Company reported that monthly production has risen from 150–180 metric tons to 400 metric tons after addressing operational shortcomings.

Minister Handunneththi further confirmed that a new National Advisory Framework for issuing excavation permits will be introduced in January to streamline the currently disorganized system.