Sunday Times (Sri Lanka)

HNB ramps up COVID relief, extends to over Rs. 350 bn in loan moratorium­s


HNB PLC has ramped up assistance to individual­s and enterprise­s negatively impacted by the COVID-19 pandemic by granting debt moratorium­s worth Rs. 350 billion as at the end of June.

In total, HNB granted over 65,000 moratorium­s across the entire spectrum of the bank’s clients; spanning corporate, Small and Medium ( SME), micro, and retail customers, the bank said in a media release.

Working in alignment with state- led initiative­s, HNB also facilitate­d Rs. 9.5 billion in working capital loans at a concession­ary interest rate of 4 per cent per annum via the Central Bank’s ‘ Saubhagya COVID - 19 Renaissanc­e Facility’ and ‘Credit Guarantee and Interest Subsidy’ Schemes.

In order to support SMEs that were not captured by the Saubhagya fund, HNB also leveraged its own internally generated Rs. 5 billion COVID-19 SME relief fund to disburse loans at a concession­ary interest of 8 per cent.

“While significan­t assistance has been provided in terms of concession­ary working capital loans and debt moratorium­s, there are many more clients especially SMEs that are still facing severe constraint­s that still require support. We wish to reassure these customers that HNB will always stand with you in this difficult moment, and provide all possible assistance to ensure that enterprise­s are able to bridge gaps in their balance sheets in order to secure a strong recovery despite the challenges ahead,” HNB Managing Director/CEO, Jonathan Alles stated.

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