AIIB grant for funding sectors in Sri Lanka most affected by Covid-19
February 9, 2021 12:04 pm
The Asian Infrastructure Investment Bank (AIIB) has agreed to grant the ‘Sri Lanka COVID-19 Emergency and Crisis Response Facility’ for funding sectors such as tourism, apparel, construction, trade, manufacturing, agricultural exports and healthcare which are most affected by the pandemic.
A project has been designed to use this facility to help enhance the liquidity facilities required for small and medium enterprises in those sectors, the Department of Government Information says.
Thereby, the Cabinet of Ministers has granted the approval for the proposal to take measures including entering into relevant agreements for the implementation of the proposed project.
The proposal has been tabled by Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance.
The project has been designed with the Bank of Ceylon (BOC) and People’s Bank.
Two loans worth USD 90 million each will be provided to BOC and People’s Bank under the project and the banks will facilitate their clients.
