Categories: Headlines

ADB provides guarantee for USD 25 million trade loan to Sri Lanka

The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel coronavirus disease (COVID-19) pandemic.

The supplies, to be purchased by SPC with the loan, will include personal protective equipment such as N95 medical masks, surgical masks, as well as medicines to treat people who have tested positive to COVID-19.

ADB’s Trade Finance Program guaranteed 85% of the trade loan extended by Standard Chartered Bank to the state-owned People’s Bank and onwards to SPC to support its import of these critical medical goods.

“This assistance will help the State Pharmaceutical Corporation to purchase urgently needed medicines and protective equipment for frontline health workers and patients,” said Investment Specialist at ADB’s Trade Finance Program Roberto Leva. “Our partnership with Standard Chartered Bank has made it possible to deliver this assistance in a timely manner.”

With many economies severely impacted by the pandemic, this trade loan will enable SPC to fulfill its mission to ensure the flow of safe, effective, and high-quality medical supplies in Sri Lanka.

AddThis Website Tools
Thanuka

Recent Posts

LNP – AliExpress halts low-cost shipping to Sri Lanka amid tax reforms

LNP – AliExpress halts low-cost shipping to Sri Lanka amid tax reforms

AliExpress has officially suspended several of its budget shipping options to Sri Lanka and Pakistan…

13 hours ago
LNP – 124 unauthorised structures in Sigiriya to be removed: Minister

LNP – 124 unauthorised structures in Sigiriya to be removed: Minister

Buddhasasana, Religious and Cultural Affairs Minister Hiniduma Sunil Senevi revealed that 124 unauthorised structures have…

13 hours ago
LNP – Customs denies claims of new tax on online orders

LNP – Customs denies claims of new tax on online orders

Sri Lanka Customs has firmly rejected claims circulating on social media regarding the introduction of…

13 hours ago

LNP – Ex-Minister Mervyn Silva and 2 others granted bail

Former Minister Mervyn Silva and two others were granted bail today (03) by the Gampaha…

13 hours ago

LNP – Education Minister calls for urgent measures to end ragging and violence in universities

Education Minister Dr. Harini Amarasuriya has called for the formulation of comprehensive recommendations and measures…

19 hours ago

LNP – Human-Elephant Conflict claims over 250 lives in six months

The ongoing human-elephant conflict in Sri Lanka has claimed the lives of 261 individuals both…

19 hours ago