Central Bank Approved Rs. 28 billion loans at 4% among 13,861 businesses affected by the COVID-19 Outbreak

November 28, 2024

political Current Affairs

Central Bank Approved Rs. 28 billion loans at 4% among 13,861 businesses affected by the COVID-19 Outbreak

June 25, 2020

Having identified the urgent need of reviving the businesses adversely affected by the COVID-19 outbreak and thereby to promote economic activity in the country, the Central Bank and the Government of Sri Lanka launched a novel refinance facility under the Saubagya (Prosperity) Loan Scheme, named Saubagya Covid-19 Renaissance Facility, as announced on 24 March 2020.

The Central Bank has approved 13,861 loan applications under the Phase-I of this Scheme, totaling Rs. 27.9 billion, out of which the licensed banks have already disbursed Rs. 14.8 billion among 7,274 affected businesses island-wide as of 24 June 2020. These loans carry a concessional interest rate of 4 percent (p.a.) with a grace period of 6-months and a repayment
period of 24-months.

Further, the Central Bank now stands ready to provide further Rs. 120 billion at a concessionary rate of 1 percent (p.a.) to commercial banks for on-lending to the affected businesses at a concessionary rate of 4 percent (p.a.) under the Phase-II of the Scheme.

CBS

Last modified on Wednesday, 24 June 2020 21:41