Monday, 12 April 2021 11:26

People’s Bank negotiates $75-100 million loan Featured

The People’s Bank is currently in negotiation with the China-led Asian Infrastructure and Investment Bank (AIIB) for a US$75 million-US$100 million loan to be lent to COVID-19-hit local SMEs, the bank said this week.

The bank this year celebrates 60 years of yeoman service of providing financial stability, growth, profitability and leading the way in empowering the lives and livelihoods of Sri Lankan citizens.

Being a state-owned bank, People’s Bank, as its name depicts, is a people-centric financial institution that sets goals to be an exemplary corporate citizen. Despite challenging operating conditions due to the COVID-19 pandemic, 2020 was a watershed year for People’s Bank as the bank turned a new chapter in its six-decade old history, passing the Rs.2.2 trillion mark in assets and achieving a loan book of Rs.1.6 trillion, as the bank’s loans and advances grew over Rs.300 billion in 2020, it said in a media release.

During the COVID -19 pandemic, in order to soften the impact on the overall economy, the bank swiftly implemented a range of relief packages including moratoriums mandated by the government and provided relief to over 480,000 customers, which is the highest number provided by a bank in Sri Lanka. Also, the bank offered Rs.13.7 billion worth of loans under the Saubagya COVID-19 Renaissance Facility, while offering over Rs.10 billion in direct and indirect loans to the country’s agriculture sector, realising the importance of food security during a global pandemic.

 

 

 

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