Annual Report 2008 - Ministry of Finance and Planning

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7. Development Finance 272 The total savings mobilized through several savings programme has reached Rs. 70 million at the end of 2008. In addition to the minors, senior citizens and the ladies savings accounts the Bank has offered a unique product line to its customers through an insurance deposit scheme viz. Divisewana and Shakthi which offers unmatchable life insurance benefits. The Bank’s first branch located at Head Office at No.110, D S Senanayake Mawatha Borella has a customer base of more than 2200 customers. Kandy and Wennappuwa in year 2008. The bank offered long term development loans at concessionary rates to viable projects particularly in less developed and lagging areas of the country. The total amount of project loans approved by the bank as at 31st December 2008 was Rs. 3,449.98 mn and the total disbursement was Rs. 2,273.9 mn. Table 7.10 Loan Approved as at 31.12.2008 Table 7.9 Financial Highlights Districts Amount (Rs. Mn.) Item Amount (Rs. Mn.) Profit before VAT 155.7 Total Income 214.0 T-Bills, T-Bonds and placement with Banks 1087.4 Total Assets 1295.4 Source: Sri Lanka Savings Bank As rural population has been identified as the target market of SLSB, steps have been taken to expand low cost service outlets in un-banked and under-banked areas through the postal network during the year. In addition, actions have been initiated to amend the Articles of Association to engage in micro-financing to carry out social responsible programmes in order to improve living environment of the rural population and to develop income generating opportunities for them. Lankaputhra Development Bank Lankaputhra Development Bank was established on 24th February 2006 under the Banking Act No. 30 of 1988 as the only development bank owned by the Government with a view to fulfilling the financial needs of the small and medium scale industries, agriculture, tourism and other service sectors. Anuradhapura 129.99 Ampara 14.20 Matale 14.80 Badulla 11.05 Colombo 800.58 Galle 58.90 Gampaha 486.40 Hambantota 348.68 Kalutara 347.69 Kegalle 69.01 Kurunegala 103.46 Kandy 136.54 Trincomalee 155.61 Matara 22.70 Nuwara Eliya 17.30 Monaragala 13.95 Puttalam 357.77 Polonnaruwa 256.38 Ratnapura 105.00 Total 3,449.99 Source: Lankaputhra Development Bank The number of loans and amounts granted and employment opportunities generated by the bank during the year 2008 are given in Table 7.11. The Lankaputhra Development Bank has expanded its operational capacity by opening another two branches in Ministry of Finance and Planning Sri Lanka Annual Report 2008
7. Development Finance 273 Table 7.11 Sector wise Distribution of Loans & Advances as at 31.12.2008 Sector No of Employment Loan % Agriculture A/C’s Generation Amount (Rs. Mn) & Fisheries 1,795 2,826 650.29 28.60 Manufacturing 237 3,267 1,091.17 47.99 Tourism 6 160 68.09 2.99 Transport 2 52 103.17 4.54 Trading 27 142 33.36 1.47 Construction 7 63 32.59 1.43 Financial and Business Services 6 8 141.58 6.23 Other Services 41 384 153.64 6.76 Total 2,121 6,902 2,273.90 100.00 Source: Lankaputhra Development Bank The 2121 projects which obtained loans during the year covered a diversified portfolio in Agriculture & Fisheries, Manufacturing, Tourism, Transport, Trading, Construction, Financial and Business Services, and others sectors. The projects are distributed across a wide geographical area in the country including the Central, North Central, Southern, Uva and also the newly liberated Eastern and Northern Provinces. The highest number of loans has been provided to Agriculture and Fisheries sector granting 1,795 loans and followed by manufacturing. sector 2,37 loans within the year. In terms of the amount disbursed, Manufacturing sector took the lead providing Rs. 1,091.17 mn and followed by Agriculture & Fisheries and Other Services sectors providing Rs. 650.29 and Rs. 153.64 respectively. Of the total disbursements, 76 percent of the amount disbursed shared between Manufacturing and Agriculture & Fisheries sectors while the Manufacturing sector secured 48 percent and the Agriculture & Fisheries sector 28 percent. The bank has generated 6,902 employment opportunities particularly out of the Western Province while contributing to reduce income inequalities and youth unemployment in the rural areas. The Manufacturing sector turned out to be the leading sector in view of the employment generation by providing 3,267 employment opportunities and followed by the Agriculture and Fisheries sector. Accordingly, the contribution of the Manufacturing and Agriculture & Fisheries sectors for employment creation accounts for about 47 percent and 40 percent respectively out of the total employment opportunities created by the project loans. Small and Medium Enterprise Sector The Government has recognized that a well functioning small and medium enterprises (SME) sector could take the lead in generating employment and economic growth while raising income levels for a large segment of the population. Since regional SMEE (SME out side the Western Province) comprises 75 percent of the total number of registered SMEE in the country, the Government recognizes the importance of SMEE in equitable regional growth. However, regional SMEE have not realized their full potential for contributing to economic growth and employment generation. Hence, regional SME development is one of the key elements of the Government strategy for reducing regional inequalities in the policy framework of the Government. Small and Medium Enterprise Regional Development Project The Small and Medium Enterprise Regional Development Project (SMERDP) funded by the Asian Development Bank (ADB) has been designed to accelerate development of the SME sector through start-up SMEE as well as expansion and diversification of existing SMEE outside the Western Province enabling reduction in regional inequalities through increased output and employment generation in order to enhance the private sector share in economic development. The project covers a three year period commencing from January 2008 to December 2010. The SMERDP loan was made effective on 08th April 2008 and it has commenced implementation on mid of May 2008 after receiving the mobilization advance (US$ 5.0 mn) on 16th May 2008. Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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10 Contents Contd. Table 3.9 - Key
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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1. Macro Economic Perspectives 20 E
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2. Fiscal Developments - 2008 46 An
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138 Ministry of Finance and Plannin
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4. Reform Initiatives 174 An Overvi
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4. Reform Initiatives 178 Finance/R
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4. Reform Initiatives 180 Environme
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4. Reform Initiatives 182 Pradeshiy
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4. Reform Initiatives 184 SALIENT F
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4. Reform Initiatives 186 The Credi
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4. Reform Initiatives 188 Name of t
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4. Reform Initiatives 190 Project P
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4. Reform Initiatives 192 TERMS OF
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4. Reform Initiatives 194 Table 4.8
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