රට රැකියා කරන අයට ලංකාවේ බැංකුවලින් ණය දෙන්නෙ නැත්තේ ඇයි BANK LOANS FOR MIGRANT WORKERS IN SRI LANKA 

The Central Bank of Sri Lanka (CBSL) and the Foreign Employment Bureau (SLBFE) have jointly launched the "Manusavi" Migrant Worker Loan Scheme, aimed at empowering migrant workers through licensed commercial banks starting from December 4.
The inauguration ceremony was graced by Labor and Foreign Employment Minister Manusha Nanayakkara. Notably, Hilmi Asis, Chairman of SLBFE, and Senarath Dharmawardena, the Regional Development Director representing CBSL, exchanged pivotal loan proposal agreements.
Under this initiative, SLBFE has allocated Rs. 5 billion to facilitate the loan scheme. To qualify, migrant workers must maintain a separate or joint Personal Foreign Currency Account (PFCA) or Savings Account (RSA) with a licensed commercial bank and demonstrate recent foreign exchange remittances into the account within the last three months.
The loan can be utilized for diverse purposes such as initiating or expanding businesses, acquiring or extending homes, purchasing land or vehicles, funding children's higher education, or other productive ventures, with a maximum loan limit of Rs. 2 million.
Interest rates are capped at 8%, and borrowers are granted a maximum repayment period of 36 months. Applicants can submit individual or joint loan applications to the respective bank either before departure or while overseas. Additionally, individuals can authorize a close relative via a power of attorney (POA) to receive the loan amount on their behalf.
The loans must be repaid in foreign currency and can be settled in Sri Lankan Rupees (LKR) upon the worker's return to Sri Lanka after completing their foreign employment, subject to prevailing market interest rates.
To bolster this initiative, refinancing facilities are extended through the CBSL's Regional Development Department at an annual interest rate of 4% for several licensed commercial banks participating in this endeavor, including Bank of Ceylon, People's Bank, Commercial Bank, Hatton National Bank (HNB), Sampath Bank, Seylan Bank, Cargills Bank, DFCC Bank, National Development Bank (NDB), Pan Asia Bank, and Union Bank.
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