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Sunday Dec 15, 2024
Thursday, 8 October 2020 01:44 - - {{hitsCtrl.values.hits}}
Chairman Eshana De Silva
GCEO Dimantha Seneviratne
NDB Vice President SME, Middle Markets and Business Banking Indika Ranaweera
NDB Bank has disbursed over Rs. 16.5 billion worth of funds under the ‘COVID-19 Saubhagya Loan Scheme’ at the rate of 4% per annum 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 billion by the Central Bank of Sri Lanka (CBSL).
NDB Vice President SME, Middle Markets and Business Banking Indika Ranaweera said: “We have utilised 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.
The CBSL implemented the Saubhagya Loan Scheme in April 2020 to support businesses in their post-pandemic recovery, in which the loans will be granted at 4% per annum to COVID-19 impacted companies up to a maximum limit of Rs. 50 million per company under three phases to meet immediate working capital requirements. This scheme came to an end on 30 September.
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 1,500 beneficiaries covering all the districts and arrangements are being finalised to release the rest of the approved loans within the next couple of weeks.
NDB has always been at the forefront of providing assistance to the small and medium scale businesses. The SME segment, which forms the backbone of the Sri Lankan economy, is the segment which will be impacted the most in an economic downturn. Hence, ever since the COVID-19 pandemic created an adverse situation for such businesses, NDB immediately stepped up to the plate, by making funds available at concessionary rates.
Further, NDB Bank’s ‘NDB Jayagamu Sri Lanka’ initiative which was introduced in order to lend a helping hand to the country’s exporters and innovators via financial and non-financial methods, is filling a vacuum that exists in the market in empowering upcoming entrepreneurs, exporters and innovators which is essential to help set the country on a new growth trajectory.
The bank, which is the fourth-largest listed bank in Sri Lanka, is one of the fastest growing banks; having had a cumulative average growth rate (CAGR) in advances by 21% and in deposits by 25% in the last four years.
The only financial service conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan capital market and provide its customers seamless access to the product and service offerings of all its group companies.
