ADVERTORIAL

CBSL approves Rs.28 billion loans at 4% for businesses

(UTV | COLOMBO) – 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.

Related posts

Sri Lanka reduces lending rate to boost economic growth, dampen volatility in interest rates

Staff Writer

Government to raise age limit of cigarette sale from 18 to 21

Staff Writer

Pro Food – Pro Pack 2019 notches 25% more visitors

Staff Writer