BOI Supports COVID-19 Hard-hit Sectors

The Bank of Industry is reviewing its strategic priorities to ensure continuous support for enterprises, especially those hard-hit by the COVID-19 pandemic.

Specifically, it is deepening penetration in agro-processing, food processing, technology, healthcare and pharmaceuticals to stimulate economic recovery and growth.

At a webinar on overcoming business challenges presented by the pandemic, the bank’s Managing Director, Kayode Pitan, said it was an additional response to the significant changes in the global and local operating landscape.

Soon after the outbreak of the pandemic, the bank responded with a number of measures to reduce the economic impact on customers.

Among them, the bank reduced interest on its direct line of credit by two per cent for one year from April 1, 2020 to March 31, 2021.

It also granted a three-month moratorium on principal repayment to all beneficiaries of the BOI Fund from April 1, 2020 to June 31, 2020, with an option to extend by up to 12 months for customers with proper justification on case by case basis.