NDB lends over Rs. 16.5 bn Saubhagya Loans | Daily News

NDB lends over Rs. 16.5 bn Saubhagya Loans

Accounts for 11% of total allocated funds for entire banking system

NDB Bank has disbursed over Rs. 16.5 billion worth of funds under the ‘COVID 19 Saubhagya Loan Scheme’ at the rate of 4% p.a. in a continuing demonstration of the Bank’s commitment in supporting the economic recovery. The bank has thus provided over 11% of the allocated Rs. 150 Bn by the Central Bank of Sri Lanka (CBSL). NDB Vice President SME, Middle Markets and Business Banking Indika Ranaweera said “We have utilized these funds to support the businesses affected by the pandemic, lending more than our market share. We have continued the support we provided to the SMEs for the past four decades, and this stance was only further cemented during their times of need.”

NDB has fully exhausted the funding quota allocated to the bank under Phases I, II and III of the Saubhagya Loan Scheme.

Accordingly, NDB has currently received approval from the CBSL for a total value of over Rs. 16.5 billion. Out of approved loans over Rs. 11 billion loans have so far been disbursed to over 1500 beneficiaries covering all the districts including North and East and the arrangements are being finalized to release the rest of the approved loans in the next couple weeks.