July 10, Colombo: The Central Bank of Sri Lanka (CBSL) said it has approved more than Rs. 60 billion working capital loans to COVID-19 affected businesses under the Saubagya COVID-19 renaissance loan scheme.

The Central Bank said it has approved 22,306 loans amounting to Rs. 60,250 million under the Saubagya COVID-19 renaissance facility as of 10th July 2020 with the approval given for 2,066 new loans, amounting to Rs. 6,978 million during the week ended on 10th July 2020.

The licensed banks had already disbursed Rs. 30,528 million among 13,333 borrowers islandwide as of 9th July 2020.

The CBSL, in consultation with the Government of Sri Lanka, has introduced the Saubagya Covid-19 Renaissance Loan Scheme to provide working capital loans at 4 percent (p.a.) interest rate to businesses adversely affected by the COVID-19 outbreak, through Licensed Banks, thereby supporting the revival of economic activity in the country.

This Loan Scheme is available for COVID-19 affected businesses with an annual turnover below Rs. 1 billion, including self-employment and individuals. The Rs. 1 billion limit of annual turnover will not be applicable to businesses engaged in tourism, exports and related logistical supplies.

COVID-19 affected businesses and individuals can submit their loan applications under the above Loan Scheme to respective banks until 31st August 2020.