BOC, CDB enter USD 140 mn facility agreement | Daily News


 

BOC, CDB enter USD 140 mn facility agreement

 Due to the COVID-19 Pandemic, the signing ceremony was held through an online video conference. The ceremony was witnessed by Economic and Commercial Counsellor of the Chinese Embassay Yang Zuoyuan, BOC Chairman Kanchana Ratwatte, BOC General Manager, D P K Gunasekera, Ex- Officio Director of BOC, R M P Rathnayaka and CDB Guangxi Branch General Manager, Mei Shiwen and other officials .
 

Bank of Ceylon (BOC) and China Development Bank (CDB) entered into USD 140 million long-term facility where drawdown will be under two tranches of USD 70 million each. The signing ceremony for the facility agreement was held yesterday through an online video conference.

BOC Chairman Kanchana Ratwatte said that the main reason for this long-term facility was to build a strongest balance sheet for Bank of Ceylon. He said that this was obtained at a favorable rate.

The facility will be utilized for supplementing BOC general lending requirements, which will provide much needed support during Sri Lanka’s fight against COVID-19.

“When Sri Lanka has a low economic growth rate of 2.3% in 2019 the BOC posted a Rs. 29 billion profit.”

As the largest commercial bank in Sri Lanka, BOC considers itself as the Bankers to the Nation with the strongest balance sheet and the No.1 Banking Brand value, while CDB is the world’s largest development financial institution and the largest Chinese bank for financing cooperation, long-term lending and bond issuance.

“BOC and CDB have established a long-term partnership ever since 2010, with this year marking the tenth anniversary of cooperation between the two banks.”

Partnered with BOC, CDB has also provided the first CNY on-lending facility in Sri Lanka.

The signing of this Facility Agreement will be a milestone for a more comprehensive and enhanced cooperation between the two banks, which will also promote the cooperation between financial institutions of Sri Lanka and China under the Belt and Road Initiative.

Bank of Ceylon is a powerhouse that has fueled a Nation’s hopes and aspirations with

banking solutions and reigns supreme as the only state institution amongst the most admired entities in Sri Lanka maintaining a foreign correspondent bank network of over 800 Banks that spreads across the world. It has continued to appear as one of the Top 1000 Banks in the world by “The Banker” U.K magazine.


BOC to obtain further USD 300 mn from Donor agencies

BOC Chairman Kanchana Ratwatte said that they will look at obtaining a further USD 300 million from other donor agencies “This is once again to strengthen our balance sheet and not due to other issues.” He said that they will also consider offering ‘longer time’ for debt relief for entrepreneurs who were not only affected by COVID-19 pandemic but also during. Ester Sunday Attacks. “Leisure sector and related industries would be our priority.”

As the strongest bank and also as a state bank we feel that BOC should do more to offer a longer grace period for our business customers to recover from the twin tragedies and support them.”

 


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