The Central Bank (CB) and the Authorities launched a refinance facility underneath the Saubagya (Prosperity) loan scheme, named Saubagya Covid-19 Renaissance Facility in April to revive companies adversely affected by the Covid-19 outbreak and thereby promote financial exercise.
Below Section-I of this scheme, the Bank has authorised 13,861 loan purposes, totalling Rs. 27.9 billion, of which the licensed banks have already disbursed Rs. 14.eight billion amongst 7,274 affected companies islandwide as at June 24. These loans carry a concessional rate of interest of 4 p.c (p.a.) with a grace interval of six-months and a reimbursement interval of 24-months.
The Central Bank will present an extra Rs. 120 billion at a concessionary charge of 1 p.c (p.a.) to business banks for on-lending to affected companies at a concessionary charge of four p.c (p.a.) underneath Section-II of the Scheme. – Central Bank media launch