Categories: Business

CBSL approves Rs.28 billion business revival loans

The Central Bank has approved 13,861 loan applications under the Phase-I of Saubagya (Prosperity) Loan Scheme, totaling Rs. 27.9 billion, out of which the licensed banks have already disbursed Rs. 14.8 billion among 7,274 affected businesses island-wide as of 24 June 2020.

These loans carry a concessional interest rate of 4 percent (p.a.) with a grace period of 6-months and a repayment period of 24-months, the Central Bank said.

Having identified the urgent need of reviving the businesses adversely affected by the COVID-19 outbreak and thereby to promote economic activity in the country, the Central Bank and the Government of Sri Lanka launched this novel refinance facility named Saubagya Covid-19 Renaissance Facility, as announced on March 24, 2020.

Further, the Central Bank now stands ready to provide further Rs. 120 billion at a concessionary rate of 1 percent (p.a.) to commercial banks for on-lending to the affected businesses at a concessionary rate of 4 percent (p.a.) under the Phase-II of the Scheme.

Thanuka

Recent Posts

LNP – What players were signed in the IPL 2025 auction?

Rajasthan Royals roped in star Sri Lanka spinner Maheesh Theekshana and Wanindu Hasaranga during the…

3 mins ago

LNP – No electricity tariff revision for this year: PUCSL

The Public Utilities Commission of Sri Lanka (PUCSL) announced that electricity tariffs will remain unchanged…

4 hours ago

LNP – Vocational education key to economic growth, future success: Prime Minister

As a subject, vocational education directly contributes to the economy and should be considered a…

4 hours ago

LNP – Sri Lanka launches new initiatives to attract Indian tourists

Aiming to cash on growing outbound Indian tourists, Sri Lanka and Australia have launched new…

4 hours ago

LNP – President calls on state employees to fulfill people’s aspirations

President Anura Kumara Dissanayake stated that if the current government fails to meet the expectations…

2 days ago

LNP – Discrepancies in issuance of permits to expatriate workers to import electric vehicles

There have been abuses in the issuance of permits for expatriate workers to import electric…

2 days ago