SME Guarantee Fund under Central Bank of Sri Lanka

Budget Speech para. 20: "However, in spite of the Government bearing a significant portion of the interest of these loans of the “Enterprise Sri Lanka” Schemes, the small entrepreneurs are still faced with the challenge of providing collateral as demanded by the Banks. As such, I propose to establish a Fund under the Central Bank of Sri Lanka (CBSL) to provide guarantees to the SME Sector, for which necessary allocations will be made." Promise Revised: The initial plan was to establish a National Credit Guarantee Institution (NCGI) in collaboration with the ADB. However, due to issues arising during the establishment process, the Credit Guarantee Scheme was established under the CB utilising the 500 Mn allocation, with the intention to transfer this to the NCGI once it is established.

  • Allocation (Rs. Mn)500
  • SectorIndustry & Commerce
  • Ministry / Government Institution : Ministry of Finance, Economy and Policy Development

Openness Tracker

Responsive

Information on progress was obtained through the action plan and progress report provided in response to the request for information filed under the Right to Information Act No 12 of 2016.

Progress Tracker

Fulfilled

Based on the information made available, progress as at 31 December 2019 was assessed as 100% of the target set for 2019. The response from the ministry states that the initial plan was to establish a National Credit Guarantee Institution (NCGI) in collaboration with the ADB. However, due to issues arising during the establishment process, the Credit Guarantee Scheme was established under the CB utilising the 500 Mn allocation, with the intention to transfer this to the NCGI once it is established. As the target stated in the budget speech is the establishment of a fund under the Central Bank of Sri Lanka utilising funds of Rs. 500 mn, the budget proposal is considered to be fulfilled.

Agency Openness Ranking 1

government institutions ranked 1st out of the 16 government institutions assessed in 2019. The rank was determined based on the weighted average score of 75 received by the ministry (weighted average based on allocation). This score was based on the disclosure of information on 5 proposals assessed in 2019, which were under the purview of the ministry.

Budget Speech para. 20, para. 102, para. 150, para. 170 and para. 193: Fully usable information for all five proposals was obtained through requests filed under the Right To Information Act and was received within the stipulated timelines.

For detailed information on the method of calculating the weighted average scores: http://www.budgetpromises.org/en/how-it-works

Sources of Information

  • Budget Tracker - Website RTI