Sri Lanka approves housing programme for overseas employees

The Cabinet of Sri Lanka today granted approval for the implementation of a housing programme tailored for overseas employees. 

Spearheaded by the Sri Lanka Bureau of Foreign Employment (SLBFE) in conjunction with the National Housing Development Authority (NHDA) and licensed banks, the initiative aims to provide housing solutions for Sri Lankan workers abroad.

Under the programme, eligible individuals can avail themselves of loans up to a maximum of Rs. 10 million. A portion of the loan interest is slated to be remitted to the SLBFE.

The loan repayment process entails that the borrowed amount must be settled using foreign exchange remitted through authorized channels during the duration of the borrower's overseas employment. Upon completion of their foreign employment stint and return to Sri Lanka, repayments are to be made in Sri Lankan rupees.

The proposal to execute this housing programme, presented by the Minister of Labour and Foreign Employment, received the green light from the Cabinet, marking a significant step towards supporting Sri Lankan workers abroad in achieving housing security.