“To contribute to Economic Social Development of the country becoming the leading Financial Institution for infrastructure development of Local Authority areas.”
“To become an autonomous and sustainable financial institution providing long term financing for basic infrastructure facilities essential to social and economic development.”
“Provision of loan requirements’ a concessionary rate of interest to Local Authorities for the purpose of operating public utility services authorized by law.”
The logo brings together the long standing value of LLDF and it’s renewed vision to serve a rapidly growing Sri Lanka. The windows depicted in the right side of the image represents the 9 provinces and the 341 LA’s that LLDF serves.
The windows also represent spaces where new insights and ideas can come to strengthen the process of devolution.
The vertical elevation represents the focus, vision and mandate of LLDF.
The foundation shown as a triangle in the bottom represents the three core objectives that have sustained LLDF over the last 100 years Financial stability of local governments, socio- economic development and infrastructure development.
Funds were provided by the reassure in the form of a long at a concessionary rate of interest. With the commencement of loans recovered under ADB Loan (No. 1632 SRI (SF)) and ADB Loan (No. 2201 SRI (SF)), revolving facilities of funds are available for the purpose of granting of loans. A sum of Rs. 25 million was allocated in the year 2009 and there were no allocations by the general Treasury during the years 2010, 2011 and 2012.
Local Loans and Development commissioners is a statutory body establish under the Local Loans and development ordinance No. 22 of 1916.
The functions of LL & DF were assigned to the Ministry of Local Government & Provincial council during the year 2010 by the Ministry of Finance.
The Prime function of LL & DF is to meet the capital investment needs f the Local Authorities namely Municipal Councils &Pradeshiya Sabha’s. it provides long term loans at concessionary rates of interest.
In all our effort, relationships and performances, we will demonstrate our steadfast commitment too:
LL&DF expectation is to be the leader of the financial Institution from where the financial assistances are obtained for infrastructure development at local level by Local Authorities
In Sri Lanka on loan basis by developing team leadership skills; in management performances,
in relationship with clients, in local economy development and in its financial results.
LL&DF is a financier. Therefore it will always take highest standards in financial discipline in the transactions; LL&DF staff will take personnel responsibility for their actions.
LL&DF will strive for continuous quality improvement in its financial services for Local authorities winning their demand for loan based infrastructure development at local level reducing burden to the central government.
This is essential to minimize the default repayments by local authorities. Willingness to pay by them will be achieved by satisfying the client in every aspect.
LL&DF will recognize team work among staff officers, field officers and all other employees
in associated units in implementation of project activities.
Stake holder values
LL&DF must act as a recovery agency of treasury loans and intermediary institution for channeling fund to local authorities for infrastructure development. Therefore LL&DF has to recover all loans, with fair interest , given to local authorities in their purview and pay back to the treasury generating superior return to the organization too. By developing a revolving fund, LL&DF will reduce the burden to the treasury and generate profit to the organization increasing the business value as an organization in Government sector.
LLDF Seeks to
Financing for the social & physical projects undertaken by Local Authorities and there by upgrading and expansion of the basic service to communities and support the LA effort at stimulating local economic development.
LLDF Aimed to provide financial facilities through the local authority for
- Community development projects
- Revenue generating projects
- Public infrastructure development programs
- Other local authority facilities
- Priority is given to the projects outside western province
- The project should be based on local production and it souls generate
- employment opportunities to the people of the area the proposed
- project should help in the growth of the GDP
- At lest 30% of the cost of the project should born by the customer
- The maximum loan amount for a project is Rs. 20 Mn
- Line Ministry:Ministry of Provincial councils and Local government
- Other ministries: Ministry of financial and planning
- Other Bodies:Chief Security(Province Wise), CLG(Province wise), ACLG(District wise)
- Sri Lanka institute of Local Governors
- Donor Foreign Organizations:Asian development bank
- Asia foundation
- World Bank