Monday, 18 January 2021 19:22

Nearly Rs.30 bn concessionary financing provided by ComBank in 2020

The Commercial Bank of Ceylon provided new concessionary lending of nearly Rs. 30 billion in 2020, its centenary year, to help Sri Lankans weather the impacts of the COVID-19 pandemic.

This high volume of concessionary loans was in addition to the relief the bank granted to customers in the form of debt, capital or interest moratoriums on a staggering 81,387 existing loans with a capital outstanding of Rs.443 billion as well as repayment of outstanding credit card balances, the bank said in a media release.

“We began the year on a celebratory note, with an ambitious portfolio of community initiatives to commemorate our 100-year history, but it soon became evident that we would have to play a far more urgent and vital role to underwrite the survival of people and businesses impacted by the effects of the pandemic,” ComBank Managing Director S. Renganathan said. “We are proud to end the year as the leading provider of COVID-19 linked concessionary loans among the private banks, and the process continues.”

The total of Rs. 29.6 billion in COVID-19 support loans was disbursed by the bank as at December 30, 2020 under multiple relief schemes to provide working capital loans to pandemic affected businesses included loans provided under the Central Bank-mandated programme as well as the bank’s own support schemes.

Under the working capital loan scheme titled ‘Saubagya COVID-19 Renaissance facility’ launched by the Central Bank, ComBank registered 5,637 applications with a total value of Rs. 28 billion over the three phases of the programme and disbursed 5,387 loans with a value of Rs. 26.6 billion at the close of 2020.

(LIN)

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