Sri Lanka details terms of Rs50bn central bank re-financed Coronavirus facility

The full statement is reproduced below:

CENTRAL BANK OF SRI LANKA DECIDES TO ESTABLISH A RUPEES 50 BILLION, SIX MONTH RE-FINANCING FACILITY AND ISSUES INSTRUCTIONS
TO FINANCIAL INSTITUTIONS TO SUPPORT COVID-19 HIT BUSINESSES AND INDIVIDUALS

The Central Bank of Sri Lanka (CBSL) has decided to set up a Re-financing Facility to implement the decisions taken by the Cabinet of Ministers on 20.03.2020 to introduce a wide range of concessions including a debt moratorium (capital and interest) and a working capital loan for COVID-19 hit businesses and individuals. Licensed commercial banks, licensed specialised banks, licensed finance companies and specialised leasing companies (Financial Institutions) are eligible to participate in this Re-financing Facility commencing 25.03.2020 and offer the concessions announced.

Highlights of the concessions and the refinancing facility are as follows.

1. General Terms and Conditions

1.1 The businesses/sectors eligible to avail of concessions:

(a) Small and Medium Enterprises (SMEs) engaged in business sectors such as manufacturing, services, agriculture (including processing), construction, value addition and trading businesses including authorised domestic pharmaceutical suppliers with turnover below Rs. 1 bn.

(b) Those affected by COVID-19 related repercussions: