China Development Bank provides $140 million loan to Bank of Ceylon for on-lending activities in 2020
Commitment amount
$ 156357180.33423585
Adjusted commitment amount
$ 156357180.33
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Sri Lanka
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On June 30, 2020, the Guangxi Branch of China Development Bank (CDB) signed a long-term $140 million USD facility (loan) agreement with the Bank of Ceylon (BOC) to support on-lending activities. This credit line facility carried a maturity period of three years and a grace period of one year. The loan was to be disbursed via two, $70 million USD tranches. The proceeds of the loan were to be used by the borrower to provide support needed during Sri Lanka’s fight against COVID-19; specifically, the facility was intended to supplement BOC's general lending requirements, allowing it to support businesses affected by the COVID-19 pandemic, namely in the small and medium enterprises (SME) sector associated with exports, fishing, logistics, transport, agriculture, and manufacturing.
Additional details
1. Bank of Ceylon is a 100% state-owned commercial bank in Sri Lanka.
Number of official sources
2
Number of total sources
11
Details
Cofinanced
No
Direct receiving agencies [Type]
Bank of Ceylon (BOC) [State-owned Bank]
Loan Details
Maturity
3 years
Grace period
1 years