COLOMBO, Sri Lanka (News Cutter) — The Finance Ministry of Sri Lanka is launching a ‘Pledge Loan Scheme’ for small and medium-scale paddy mill owners to purchase paddy for the Yala season.

The scheme, introduced under concessional interest rates, aims to maintain a reasonable price for farmers and strengthen small and medium-scale enterprises (SMEs).

The loans will be available to millers with a valid business registration and a maximum daily milling capacity of 25MT of paddy.

The loans will be disbursed by the People’s Bank and Bank of Ceylon, totaling Rs. 4,000mn.

The scheme, commenced on 14 August 2023, will run from September 01 to November 30.