People’s Leasing and Finance protects and empowers Sri Lankans amidst COVID-19

Sri Lanka’s leading State-owned Non-Bank Finance Institution, People’s Leasing & Finance PLC (People’s Leasing) recently donated essential medical equipment to strengthen the national response against the COVID-19 pandemic. The vital medical supplies were presented to selected government hospitals to support testing and treatment. 

Sri Lanka’s undisputed pioneer in non-bank finance services and subsidiary of public sector banking giant People’s Bank, People’s Leasing and Finance PLC (PLC), has worked tirelessly over the past two years to empower and assist Sri Lankans throughout the country by offering financial assistance to overcome the present turbulent circumstances as well as through its many Corporate Social Responsibility (CSR) initiatives.

Some such initiatives include: Donating medical equipment and non-medical equipment worth Rs. 25 m to selected Government hospitals and three Intermediate COVID Care Centres, donating Rs. 5 m to Itukama COVID-19 Fund, donating electronic devices to 53 beneficiaries to continue online learning through the ‘Senehasa scholarship scheme,’ gifting 10 infrared thermometers to Trincomalee District General Hospital and establishing hand-washing and isolation areas in 21 Government schools. 

Apart from humanitarian assistance PLC extended its moratorium facility to over 50% of its clientele subject to Central Bank stipulations; as such, the first moratorium amounted to Rs. 67.96 billion equivalent of 57,253 facilities while the second moratorium amounted to Rs. 25.36 billion covering 15,722 facilities. PLC facilitated restructuring and rescheduling of loans for customers who didn’t fulfil the criteria to be entitled for moratoria. 

Furthermore, PLC continues to subsidise customers attached to hospitality and passenger transport sectors – two industries which have suffered the greatest impact due to COVID-19.

PLC’s contribution towards Sri Lanka’s transportation sector is particularly noteworthy. During the first wave, PLC offered an interest concession of 4% for 4,362 buses amounting to a portfolio of Rs. 8.13 billion.