|
|
|
Friday, February 12, 2010 - 5.28 GMT |
|
Infrastructure
development important for sustained econ
growth - CB Governor |
|
|
|
The
development
and
maintenance
of
essential
public
infrastructure
is an
important
ingredient
for
sustained
economic
growth
and
poverty
reduction,
said
Ajith
Nivard
Cabraal,
Governor,
Central
Bank at
the
opening
of a New
HSBC
Branch
Office
in
Jaffna
on
Thursday
(Feb.11).
This is
the
first
foreign
bank
opened
in
Jaffna.
Fast
tracking
the
development
in the
North,
the
Government
has now
launched
a
well-planned,
integrated,
accelerated
development
program
titled
“Vadakkin
Vasantham.”
Under
this
program,
the
Government
expects
to
invest
approximately
Rs. 295
billion
(US$ 2.7
billion)
during
the next
3 years,
towards
rehabilitation
and
development
activities,
the
Governor
said.
He said
that it
is
expected
to cover
the
rehabilitation
of roads
and
other
transportation
infrastructure,
the
upgrading
of
electricity
for
domestic
housing
and
industry,
water
supply,
agriculture
and
irrigation
infrastructure
and the
improvement
of the
manufacturing
framework.
The
Government
also
intends
to
implement
a
special
poverty
reduction
programme
and
establish
the
required
social
safety
net,
quickly,
he said.
With
regard
to IDP
resettlement
the
Governor
said, "I
believe
the
successful
resettlement
is a
tribute
to the
deep
commitment
of the
Government,
the
tremendous
efforts
of our
public
service
and the
dedicated
contribution
of
several
international
organizations".
The
Central
Bank has
so far
granted
approvals
for the
establishment
of more
than 90
banking
outlets
in the
Northern
Province.
Special
Loan
Scheme
also
titled
“Vadakkin
Vasantham”
will
boost
the
livelihood
development
of the
people
in the
North.
Under
this
scheme,
an
initial
sum of
Rs.
3,000
million
has been
appropriated
to be
disbursed
at a
concessionary
interest
rate of
9% per
annum to
the
eligible
micro,
small
and
medium
scale
enterprises,
through
several
Participating
Financial
Institutions.
Over
9,000
loans
amounting
to Rs.
1.8
billion
have
already
been
registered
with the
PFIs and
disbursements
of over
Rs 1
billion
has
taken
place,
he said.
Even
during
the
conflict
period,
the
Northern
Province
accounted
for 10
percent
of the
paddy
production,
40% of
Red
Onions,
10% of
Chillies,
14% of
Green
Gram and
25% of
Ground
Nuts.
These
statistics
indicate
that
there
would be
many
viable
income
generating
activities
which
could be
promoted
to
upgrade
the
livelihood
of the
people,
with the
assistance
of the
banking
sector.
It has
been
estimated
that
129,000
fishermen,
representing
20
percent
of the
total
number
of
fishermen
in our
country,
live in
219
fishing
villages
in the
Northern
Province.
In the
year
2006,
the
total
fish
production
from the
North
stood at
25,900
MT,
representing
12
percent
of the
country’s
total
production.
These
facts
also
indicate
that the
income
generating
activities
in the
fisheries
sector
too
could be
developed
substantially
in the
coastal
areas
with the
provision
of
appropriate
banking
facilities,
particularly
for
multi-day
boats,
fishing
gear and
other
ancillary
needs
such as
ice
plants,
and
storage
facilities.
Over the
past
several
years,
the
Central
Bank has
also
initiated
several
credit
schemes
applicable
throughout
the
country,
aimed at
promoting
regional
development
and
poverty
alleviation.
In
particular,
work has
commenced
on a new
Poverty
Alleviation
Micro
Finance
Project
to cover
conflict-affected
districts.
The
Governor
made a
special
appeal
to the
Sri
Lankan
Tamil
expatriates,
living
in all
parts of
the
world.
"The
decades
long
conflict
which
sapped
our
combined
energies
in
various
ways, is
finally
behind
us.
Therefore,
it is
now time
for all
of us to
get
together
and
rebuild
our
nation,
in
particular,
the
areas
that
have
suffered.
We, on
our
part,
are keen
to
assist
the
people
of the
North to
resume
normal
lives as
soon as
possible.
Towards
that
outcome,
we
believe
the
expatriates
too
could
play an
active
role and
become
partners
in the
development
process
of the
North".
The
Governor
further
stated
that the
HSBC
Bank
with its
global
connections
could
now
facilitate
financial
transactions
in the
North
with all
parts of
the
world,
while
HSBC’s
presence
in the
Jaffna
Peninsula,
would
convey
an
important
signal
to the
world
that
tangible
progress
is being
made in
post
conflict
Sri
Lanka.
|
|
|
|
Contact Information:: Send
mail to