A proposed loan scheme for three-wheel drivers and migrant workers

Colombo (News1st): Ministry of Finance and Mass Media issuing a release said that a loan scheme will be introduced for migrant workers and three-wheel drivers. Accordingly, migrant workers will be given up to Rs. 10 million concessionary housing loans to be repaid in 15 years with a two year grace period. The Ministry stated that migrant workers who have registered under the Foreign Employment Bureau will have to save a considerable amount of their remittance in a local bank and that 75% of the interest rate (for the loan) will be borne by the government through the Treasury. The proposed loan scheme will provide a loan up to Rs. 2 million for three-wheel owners to convert to a safer and comfortable mini taxi service with small cars. The Ministry of Finance added that three-wheel drivers who are above 35 years of age are entitled to this concessionary loan. The proposal made by the Minister of Finance and Mass Media Mangala Samaraweera has been approved by the Cabinet of Ministers.