Establishment of a Development Bank
Budget Speech para. 74: "The SME sector must be the backbone of our economy. However, the lack of capital or the difficulty in accessing capital due to both the cost of capital and the requirement for collateral have been main impediments in the development of startups and SMEs. Our objective is to ensure that no entrepreneur is ever denied credit due to the lack of collateral, but is able to access financing given the viability of the project proposal. In fact, a good business idea will be given the pride of place. To this end, we will also facilitate the establishment of a Development Bank with an EXIM window, to enable the much desired long term financing for our private sector ventures. Until the Bank is established, we will continue with the targeted, existing and the proposed loan schemes."
- Allocation (Rs. Mn) : 10,000
- Sector : Industry & Commerce
- Ministry / Government Institution : Ministry of National Policies and Economic Affairs
Openness Tracker Uncooperative
Information was obtained by the responsible agency in response to the request for information filed under the RTI Act. However, it was obtained after filing an appeal.
Progress Tracker Neglected
No activities has been initiated to implement the proposal due to insufficient allocation of funds.
Sources of Information