Central Bank approves Rs. 178bn worth loans through Saubagya Renaissance facility

Oct 16, 2020 (LBO) – Sri Lanka’s Central Bank has thus far approved 61,907 loans amounting to Rs. 178 billion so far under the three Phases of the Saubagya COVID-19 Renaissance Facility.

According to the Central Bank, so far, the Licensed Banks have released loans amounting to Rs. 133,192 million among 45,582 affected businesses island-wide.

The intention of these schemes was to provide a total of Rs. 150 billion as working capital loans at an interest rate of 4 percent per annum.

These loans enjoyed a repayment period of 24-months, including a grace period of 6-months. The recipients were the businesses, including self-employment and individuals, adversely affected by the COVID-19 outbreak.

“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 Central Bank highlighted.

“All applications of the affected businesses received up to the announced deadline were, therefore, served through the Loan Scheme.”

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