COLOMBO, Oct 18 (NNN-SLNEWS) – The Central Bank of Sri Lanka (CBSL), approved 966 million U.S. dollar-loans, under a relief programme for COVID-19-affected businesses, local media reported, today.
A total of 61,907 applications for loans, under the Saubagya COVID-19 Renaissance facility, have been approved, according to an official statement issued by the CBSL’s Regional Development Department.
Out of 966 million U.S. dollars, approved by the CBSL, a total of 723 million U.S. dollars have been disbursed through licensed banks to 45,581 businesses across the country.
The Saubagya COVID-19 Renaissance loan scheme was created, to provide 814 million U.S. dollars’ worth of working capital, with a four-percent-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 affected businesses, the Central Bank decided to accept applications, regardless of the Rs150 billion limit originally envisaged,” the CBSL statement said.
The first phase of the loan scheme was implemented on Apr 1, amid a nationwide curfew imposed to contain the COVID-19 pandemic, while the second and third phases were implemented on July 1.
