CBSL disburses loans among COVID-19 affected businesses

COLOMBO (News1st): The central bank has said it has disbursed loans worth Rs 14.8 billion among more than 7000 businesses affected due to COVID-19. "These loans carry a concessional interest of four percent with a grace period of six months and a repayment period of 24 months," the monetary authority said in a statement. These loans have been issued from the Saubagya COVID-19 Renaissance Facility, under which loans worth Rs 27.9 billion are to be disbursed, as part of its first phase. Meanwhile, the central bank has said it would provide Rs 120 billion as loans for commercial banks at a concessionary rate of one percent under the second phase of the scheme.