CBSL approves Rs. 28 billion business revival loans
The Central Bank has approved 13,861 loan applications under the Phase-I of Saubagya (Prosperity) Loan 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, the Central Bank said.
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 this novel refinance facility named Saubagya Covid-19 Renaissance Facility, as announced on March 24, 2020.
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.
(Source: Daily News)
Latest Headlines in Sri Lanka
- SriLankan Airlines partners with Virgin Australia September 28, 2023
- Sri Lanka to launch campaigns to attract 1.5 million tourists – proposal to create non-sleeping cities September 28, 2023
- Danushka Gunathilaka found not guilty of sexual intercourse without consent September 28, 2023
- Sri Lanka’s Ministry of Defence announces updates to licensing conditions for private security agencies September 27, 2023
- Despite signs of stabilization, full economic recovery not yet assured – IMF Mission September 27, 2023
