- Last Update 2025-06-04 18:08:00
SL banks not properly guided on CB concessions
Are banks properly advised about the concessions, refinance facilities and working capital loans announced by the government to support businesses affected by the COVID-19 pandemic?
Recently an agricultural entrepreneur who asked his bank (a state organisation) for a working capital loan, was told that the facility was not available to the agriculture sector.
In a public announcement posted on March 31 and titled “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 said: The facility is available for 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 billion.
This was among other sectors which were to benefit from these facilities.
The Sunday Times have received many other complaints particularly from the apparel sector that these facilities are not available, when requested for, although announced by the Central Bank.
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