ADB provides guarantee for US $ 25mn trade loan to SPC to purchase medical supplies

7 May 2020 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

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


ADB’s Trade Finance Programme guaranteed 85 percent 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 State Pharmaceutical Corporation to purchase the urgently needed medicines and protective equipment for frontline health workers and patients,” said ADB Trade Finance Programme Investment Specialist 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 fulfil its mission to ensure the flow of safe, effective and high-quality medical supplies in Sri Lanka.


“Providing timely assistance in such unprecedented times is critical,” said Standard Chartered Bank Sri Lanka Chief Executive Officer Bingumal Thewarathanthri. 


“We are committed to Sri Lanka, where we have been present for over a century, especially as the country tackles this global pandemic. 

Through our long-standing partnership with both People’s Bank and ADB, we are pleased to jointly support the import of these essential medical items to combat COVID-19 in Sri Lanka.”


On April 13, ADB announced a tripling in the size of its response to the pandemic to US $ 20 billion. The package expands on the US $ 6.5 billion initial response announced on March 18, adding US $ 13.5 billion in resources to help ADB’s developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.

 

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




The virus may be spreading much faster than official data suggest

The daily case reports from the Epidemiology Unit are the only data we have t

Credentials of official raise controversy

Amila Ishan Kankanamge, the Government appointed non-Executive Director to Mo

How the SLAF killed the LTTE’s “Smiling Cobra” in an air strike

More than eleven years have passed since the war between the Sri Lankan Armed

Sri Lanka in CT Level 3, health experts

As Sri Lanka witnessed the highest number of deaths in a single day and with

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.