Monday, 18 January 2021 19:21

BOC awaits $70 m second tranche of Chinese Bank facility

State-owned Bank of Ceylon (BOC) is in the process of negotiating for millions of dollars worth of further facilities with multilateral institutions while waiting to receive the US$70 million as the second tranche of a loan facility from a leading Chinese bank, a top official of the bank said.

The funds will mainly be utilised to help businesses that need support for revival in their operations, namely in the SME sector associated with exports, fisheries, logistics, transportation, agriculture, manufacturing etc.

BOC will receive the $70 second tranche of the loan facility of $140 million by June this year in a landmark deal with the China Development Bank (CDB), Bank Chairman Kanchana Ratwatte said.

The first tranche of $70 million was released on July 19 last year under this deal entered with CDB on the strength of BOC an it will be a milestone for a more comprehensive and enhanced cooperation between the two banks.

The facility will be utilised for supplementing BOC’s general lending requirements, which will provide much needed support during Sri Lanka’s fight against COVID-19, Mr Ratwatte said.
He noted that as the largest commercial bank in Sri Lanka, BOC considers itself as the bankers to the nation with the strongest balance sheet and the No. 1 banking brand value to raise much needed foreign currency funds from foreign banks and lending agencies.

He said the CDB loan “will be utilised for supplementing Bank of Ceylon’s general lending requirements, which will provide much needed support for businesses affected by COVID-19”.

(LIN)

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