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The Financial Express

Sri Lanka's central bank approves $966m in loans for business relief efforts

| Updated: October 20, 2020 16:02:24


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The Central Bank of Sri Lanka (CBSL) has approved 966 million US dollars worth of loans under a relief programme for coronavirus (Covid-19) affected businesses, local media reported on Sunday.

A total of 61,907 applications for loans under the Saubagya Covid-19 Renaissance facility has been approved according to an official statement issued by the CBSL's Regional Development Department.

Out of $966 million which has been approved by the CBSL, a total of $723 million has been disbursed through licensed banks to 45,581 businesses across the country, reports Xinhua.

The Saubagya Covid-19 Renaissance loan scheme was created to provide $814 million worth of working capital with a 4-per cent-per-annum interest, a 24-month repayment period, and six-month grace period to Covid-19 hit businesses.

"In view of the large number of requests received from the affected businesses, the Central Bank of Sri Lanka decided to accept applications regardless of the Rs. 150 billion limit originally envisaged," the CBSL statement said.

The first phase of the loan scheme was implemented on April 1 amid a nationwide curfew imposed to contain the pandemic, while the second and third phases were implemented on July 1.

 

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