People’s Bank plans to raise $ 300 m from foreign lenders

Thursday, 9 July 2020 03:08 - - {{hitsCtrl.values.hits}}

People’s Bank is currently negotiating to raise around $ 300 million in long-term funding from multiple institutional sources abroad to boost its resource base to help customers, especially SMEs and women.

“We are in discussion with the Asian Development Bank (ADB) for a long-term facility of between $ 50-100 million and a further $ 200 million from another foreign financial institution,” People’s Bank Chairman Sujeewa Rajapakse told the Daily FT in an interview.

In April, the ADB offered the People’s Bank the first import finance facility worth $ 25 million for medicine and pharmaceutical imports.

Rajapakse said that between January and June, the Bank was able to obtain and or renew credit facilities worth $ 843 million as well as mobilise foreign currency deposits and remittances.

Being State-owned, People’s Bank is also a major lender for State-owned enterprises, and it had extended substantial support to several during COVID-19 as well as post-reopening.

The Chairman also said People’s Bank is planning a local debenture issue as well.

People’s Bank reinforces financial support to revive COVID-hit enterprises and individuals