Dec 07, 2017

A new bank to fund the private sector Featured

A new bank will be set up next year with a capital investment of between Rs. 30 billion and Rs. 35 billion to provide development funding for the private sector, said prime minister Ranil Wickremesinghe.

Addressing the annual awards ceremony of the CIMA, he also said the new bank would consist of a treasury, and would have three state banks as partners.

The Central Bank governor and the treasury as well as the ADB will join together to negotiate as partners, said the premier.

The new bank will eliminate the requirements to simplify the funding of business development and the maintenance of separate offices, he added.

The PM went onto say that with the support of the new inland revenue act, the country would be made free of debt.

The national debt of Rs. seven trillion will be paid back, he said, adding that he had to worry himself every day, thinking of how to do it as the prime minister, although his parents had taught him not to fall into debt.