Central Bank approves Rs.72bn loans thus far under COVID-19 renaissance facility

Jul 24, 2020 (LBO) – The total value of loans approved by the Central Bank thus far under the Saubagya COVID-19 renaissance facility has increased to Rs. 72,079 million as of yesterday and the licensed banks had already disbursed Rs. 45,777 million among 18,007 borrowers island-wide, the Central Bank revealed.

Meanwhile, the Central Bank has approved 3,985 new loan applications, amounting to Rs. 11,829 million, submitted by licensed banks under the Saubagya facility Phase II & III during the period 13-23 July 2020.

COVID 19 affected businesses and individuals can submit their loan applications under the above loan scheme to respective banks before 31 August 2020.

This facility will provide a total of Rs. 150 billion as working capital loans at 4% per annum interest rate with a repayment period of 24-months, including a grace period of 6-months, to businesses, including self-employment and individuals, adversely affected by the COVID-19 outbreak.

Source: Central Bank