News

Central Bank approves Rs. 28 Billion in loans to affected businesses

24 Jun, 2020

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 a novel refinance facility under the Saubagya (Prosperity) Loan Scheme, named Saubagya Covid-19 Renaissance Facility, as announced on 24 March 2020.

The Central Bank has approved 13,861 loan applications under the Phase-I of this Scheme, totalling 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, the Central Bank said today.

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.

Further, the Central Bank says it 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. (Colombo Gazette)

Recommended For You

Feature Image

Two killed, three injured in Kalpitiya explosion

Two youth was killed and three children were injured following an accidental explosion in Kalpitiya this evening, reporters in the area said. Initial reports suggested that the explosion occurred near a Civil Defence Force camp along the beach stretch. The children had found an un-exploded rocket-propelled grenade (RPG) along the beach. They had then attempted to hit a turtle shell with the RPG resulting in the explosion, a reporter in the area told the Colombo Gazette. A 17 year old boy who

05 Sep, 2012

Feature Image

JHU says a ban on animal sacrifice not a violation of religious freedom

Sri Lanka’s main Buddhist political party on Thursday said it will seek a ban on animal sacrifices in the country which are performed at religious events. The Jathika Hela Urumaya (JHU), an alliance member of the government, said it is currently studying laws in some Indian states where animal sacrifice is banned. JHU spokesman Nishantha Sri Warnasinghe told Xinhua that a draft document on the proposed ban is now being prepared and will be presented in parliament soon. He also rejected the vi

06 Sep, 2012

Feature Image

MR rules out talks with Uni lecturers

President Mahinda Rajapaksa has ruled out holding discussions with university lecturers until they suspend their strike action. Speaking to newspaper editors at a meeting today the President also charged that most of the demands put forward by the lecturers have been politically motivated. The President further noted that the government will not be able to meet the demands by the university lecturer for higher salaries as the budget for 2012 is to be presented in November. University lecturer

07 Sep, 2012