BOC empowers biz community in post-Covid-19 recovery | Sunday Observer

BOC empowers biz community in post-Covid-19 recovery

D. P. K. Gunesekera
D. P. K. Gunesekera

As the Sri Lankan business community struggles to recover from the Covid-19 economic impact, the Bank of Ceylon (BOC), has reached a milestone in providing the community with a recovery lifeline.

“Businesses affected by the pandemic have been granted a moratorium for funds up to Rs 100 billion for six months,” said Actg. General Manager / CEO of Bank of Ceylon, D.P.K. Gunasekera. “For the applications vetted and approved through the Central Bank scrutiny process, the Bank has disbursed loan facilities worth approximately Rs. 4.05 billion, up to now.”

Since the new fund reservation stipulated by the Central Bank has enhanced the Bank’s capability to meet customer needs, the Bank of Ceylon believes that such funds could be given out as Covid-19 support loans to eligible borrowers. Thereafter, the borrowers can make fresh requests to branches for further relief.

“We have one of the largest networks of branches across the country through which we disburse the funds to our customers in and outside Colombo, covering all districts,” he said. “The Bank of Ceylon has responded swiftly and efficiently to the call for financial assistance from sectors such as agriculture, tourism, exports, tea, apparel, IT, logistics and spices, who have been facing adverse conditions in the post-Covid-19 recovery phase.

The timely engagement of the Bank’s staff who worked around the clock to enable customer relief packages played a key role in activating this exceptional initiative,” said Gunesekera.