BOC gives Rs. 50m housing grants for tsunami victims

by Ramani Kangaraarachchi

The Bank of Ceylon has disbursed Rs. 50 million housing grants to tsunami affected families in four districts during the last week end. Assistant General Manager (Credit) Susahana loan scheme W. S. Wimalaratne said that out of 1500 applications they received nearly 1000 victims were paid cash at the Bank of Ceylon counters in Matara, Galle, Hikkaduwa, Ambalangoda and Ahungalla.

An extra team of officers have been deployed by the bank to attend to this project before the Sinhala Hindu New Year.

Payment of housing grants commenced from the Nupe branch in Matara jointly with the People's Bank and it was significant that 1000 tsunami victims were paid grants at once by both banks. Minister Mangala Samaraweera was also present at this occasion.

Deputy General Manager (Branches and Development Banking) B. A. C. Fernando said that these grants were paid to two categories for totally destroyed and partly destroyed houses.

Rs. 250,000 is paid to totally damaged houses in four instalments of which Rs. 70,000 is paid prior to commencement of construction. For a person to be eligible for the grant he should submit the application through the GS office and the Task Force for Rebuilding the Nation (TAFREN). Grants were paid to all the people whose names appeared in the list of the Department of Census and Statistics even with less information, he said. The second stage will commence after the Sinhala Hindu New Year once the bank receives technical reports on successful completion of stage one, Fernando said.

Meanwhile the bank has released Rs. 250 million by now under the Susahana loan scheme at an interest rate of 6 per cent under the Central Bank refinancing scheme.

Rs. 100,000 for micro loans and upto Rs. five million for SMEs is paid under this where no interest or capital payment is necessary for a period of one year, Wimalaratne said.