Sri Lanka's central bank rubber-stamps $139.3b in SME loans

It has approved 13,761 loan applications.

The Central Bank and Government of Sri Lanka has approved $139.3b in SME loans under the first phase of the Saubagya COVID-19 Renaissance Facility, aimed to help small and medium enterprises (SMEs) affected by the pandemic, the central bank announced on their website.

A total of 13,761 loan applications were approved under the scheme. Of these, licensed banks have already disbursed more than $78.9b to 7,274 affected businesses island-wide as of 24 June.

The regulator first announced the novel refinance facility on 24 March as part of the Saubagya Prosperity Loan Scheme. The loans carry a concessional interest rate of 4% per annum (p.a.) with a grace period of six months and a repayment period of 24 months.

The central bank will also provide a further $639.9b (Rs.120b) at a concessionary rate of 1% p.a. to commercial banks for on-lending to affected businesses at a concessionary rate of 4% p.a. under Phase II of the scheme.

Also Read

Tighter policies drag South Korean household loan growth in September

SME loans in Taiwan rose in August

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit