COLOMBO, June 23 (Xinhua) -- Sri Lankan Prime Minister Ranil Wickremesinghe has assured of rapid development in the next 18 months as the government is seeking to strengthen local entrepreneurs, local media reported Saturday.

Speaking at the launch of "Enterprise Sri Lanka" Loan Scheme on Friday, Wickremesinghe said the country would look at expanding economic opportunities by strengthening local businesses and improving the people's spending power.

The program comprises 15 loan schemes for various sectors including agriculture, women and small industry, among others.

This scheme will inject impetus to the improvement of capacity and skills of entrepreneurs, the prime minister said.

"Small businesses are the backbone of the economy but rising interest rates discourage many from taking loans to expand. Hence, these government loans...is expected to encourage entrepreneurs to take the risks."

Meanwhile, Sri Lankan President Maithripala Sirisena said the government was making its efforts to create 100,000 new local entrepreneurs by 2020.

The president called on state banks in the island country to focus on providing affordable financing to entrepreneurs, noting that generating colossal profits alone is insufficient to promote the welfare of the country.