The Ministry of Agriculture, Livestock, Land and Irrigation enters into agreements with banks for a program to provide Rs. 500 million of concessionary loans to develop young entrepreneurs in the agricultural and industrial sectors.

The signing of agreements between the Ministry of Agriculture, Livestock, Land and Irrigation and Bank of Ceylon, People's Bank, and Regional Development Bank regarding the program to provide Rs. 500 million of concessionary loans to develop young entrepreneurs in the agricultural and industrial sectors was held today (01^st ) at the Ministry of Agriculture.

Joining this occasion, Secretary of the Ministry of Agriculture, Livestock, Land and Irrigation Mr. D.P. Wickramasinghe mentioned that this program is expected to bring about a revolution in the agricultural sector. The Secretary further mentioned that if an entrepreneur faces financial problems when taking the next step, the necessary financial support can be provided through this loan scheme. He also stated that the four percent interest charged in this concessionary loan scheme is charged only for administrative costs.

Minister of Agriculture, Livestock, Land and Irrigation, Mr. K.D. Lalkantha, who was involved in the agreement signing occasion, gave the opportunity to express views to Deputy Minister of Agriculture and Livestock, Mr. Namal Karunaratne.

We have planned a series of programs to strengthen our production process. We are working to obtain higher productivity from less land, to obtain productivity with reduced pesticide use, to provide good seeds for higher yields, to conduct soil tests and apply inputs suitable for the soil, and to use technical methods. In particular, we have started work on updating the irrigation system. We have also worked to provide technical knowledge to farmers.

In particular, we have planned to make interventions to attract young entrepreneurs to the agricultural sector. During marriage arrangements, no one says they are looking for a farmer. Today, young people are ashamed to say they do farming. These attitudes must be broken. We must create a smart farmer.

The farmer should be turned into an entrepreneur. If there are increasing incomes in the agricultural sector, if there is good motivation, if there is understanding about market problems, young people will be inclined toward agriculture with the belief that they can rise as entrepreneurs.

As a start, Rs. 500 million has been allocated for this program. Young people are selected at very low interest rates and these loan facilities are provided through various projects related to the agricultural sector. Our goal is to bring forward the person who takes this loan facility as an entrepreneur.

Application forms will be published through a gazette notice in the future and can be obtained from newspapers and media. The government's main objective is to bring the agricultural sector to a better state by providing concessionary loans at a low interest rate of 4%.

Deputy General Manager of Bank of Ceylon Mr. R.M.N. Jeewantha, Deputy General Manager of People's Bank Mr. S.N.B.M.W. Narayana, and General Manager of Regional Development Bank Mr. D.M.T.S. Kumara participated in the agreement signing.