ECONOMYNEXT – Sri Lanka’s Foreign Employment Bureau and National Housing Development Authority will collaborate with licensed banks in the country to provide a housing loan programme for migrant workers, which is payable in foreign currency.
“Our migrant workers, who go abroad with a housing dream, can obtain up to 10 million rupees as a loan for housing purposes, and a portion of this loan will be borne by the Foreign Employment Bureau,” Cabinet Spokesman, Bandula Gunawardena said on Tuesday (13) announcing the week’s Cabinet decisions.
The loan amount obtained under the proposed loan scheme, has to be paid by foreign exchange remitted through legitimate channels within the period the loan receiver is engaged in an overseas employment, Gunawardena said.
“Payments can be made in Sri Lankan rupees once the foreign employment term is completed and they have returned to this country.
Gunawardena said Sri Lanka’s cabinet of ministers approved the proposal by the Minister of Employment, Manusha Nanayakkara to implement a housing scheme for overseas employees.
Worker remittances are one of Sri Lanka’s main sources of foreign income. After the country’s foreign exchange crisis in 2022, Sri Lanka has been promoting migrant work.
Nanayakkara said on Saturday (10) that worker remittances for January 2024 amounted to 487.6 million dollars, an “Increase in 11.4 percent compared to year 2023”. (Colombo/Feb13/2024)