Jun 26, 2020 (LBO) – As the Sri Lankan business community struggles to recover from the devastating effects of the COVID-19 economic impact, the country’s premier state-owned bank, Bank of Ceylon, has reached a milestone in providing the community with a lifeline of recovery.
“Businesses affected by the pandemic have been granted a moratorium for funds up to Rs 100 billion for a period of 6 months,” says D.P.K Gunasekera, Actg. General Manager / CEO of Bank of Ceylon.
“For the applications vetted and approved through the Central Bank scrutiny process, the Bank has been able to disburse loan facilities worth approximately Rs. 4.05 billion, at the time of writing.”
Since the new fund reservation stipulated by the Central Bank has enhanced the Bank’s capability to meet customer needs, the Bank of Ceylon believes that such funds could be given out as COVID-19 support loans to eligible borrowers. Thereafter, the borrowers can make fresh requests to branches for further relief.
“We have one of the largest networks of branches across the country through which we have been able to disburse the funds to our customers located in and outside Colombo, covering all districts,” reiterates Gunasekera.
“The Bank of Ceylon has responded swiftly and efficiently to the call for financial assistance from sectors such as agriculture, tourism, exports, tea, apparel, IT, logistics and spices, who have been facing adverse conditions in the post-COVID-19 recovery phase. The timely engagement of the Bank’s staff who worked around the clock to enable customer relief packages played a key role in activating this exceptional initiative.”
Many individuals have been thrown a lifeline in the form of loans to meet working capital requirements and a moratorium placed on existing loans. This has provided a timely boost to the country’s economy, speeding up the recovery efforts and the consolidation of businesses.