ADB provides guarantee for USD 25 million trade loan to Sri Lanka

The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel coronavirus disease (COVID-19) pandemic.

The supplies, to be purchased by SPC with the loan, will include personal protective equipment such as N95 medical masks, surgical masks, as well as medicines to treat people who have tested positive to COVID-19.

ADB’s Trade Finance Program guaranteed 85% of the trade loan extended by Standard Chartered Bank to the state-owned People’s Bank and onwards to SPC to support its import of these critical medical goods.

“This assistance will help the State Pharmaceutical Corporation to purchase urgently needed medicines and protective equipment for frontline health workers and patients,” said Investment Specialist at ADB’s Trade Finance Program Roberto Leva. “Our partnership with Standard Chartered Bank has made it possible to deliver this assistance in a timely manner.”

With many economies severely impacted by the pandemic, this trade loan will enable SPC to fulfill its mission to ensure the flow of safe, effective, and high-quality medical supplies in Sri Lanka.