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The Government is to immediately grant Rs. 250,000 each, for reconstruction of houses destroyed during the tidal waves. President Chandrika Kumaratunga has directed the Finance Ministry to ensure that the two State Banks, the People’s Bank and the Bank of Ceylon, are kept open on Saturdays and Sundays to process applications and disburse the grants. Several new branches of the two banks will be opened in the affected areas. Treasury Secretary Dr. P.B. Jayasundera had outlined how the grant should be paid at a meeting with the State Banks. Owners of houses partially or completely destroyed are eligible to apply for this grant. Bank officers will meet the victims to explain the application procedure. Another program has been started to provide concessionary loans for re-starting business ventures. US$ 50 million has been allocated for this purpose. Entrepreneurs can apply for loans up to Rs. 5 million at just six percent the interest.
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