Connaissance De Ceylan champions spiritual tourism
Connaissance De Ceylan, a leading destination management company in Sri Lanka, recently hosted an extraordinary gathering of spiritual devotees bringing together 80 participants from Taiwan, China, India, Thailand, Bhutan, Vietnam, Laos, Bangladesh, Nepal, Singapore, Indonesia and Sri Lanka. From May 28 to June 3, the group visited Sri Lanka’s revered Buddhist heritage sites, including Anuradhapura, [...]
Auditor General faults NSB over $9 m loan to private firm in Maldives
The Auditor General has found fault with the National Savings Bank (NSB) for extending a US$ 9 million loan to a private tourism company in the Maldives, a move that violates the bank’s legal mandate. The loan currently classified as non-performing, was issued without a proper risk assessment and remains unpaid, raising serious concerns about [...]
NCGI guarantees Rs. 525 m-worth loans
The National Credit Guarantee Institution (NCGI), a stake agency designed to expand lending to micro, small and medium-sized enterprises (MSMEs) by providing credit guarantees to banks and financial institutions, launched recently, has already disbursed over 115 guarantees amounting to Rs. 525 million. Functioning under the purview of the Ministry of Finance, Planning and Economic Development, [...]
Tea industry’s top global producer calls for caution on over-production
Browns Group has firmly established itself in the global tea industry, emerging as the largest producer of tea worldwide. Through bold strategies, international expansion and forward-thinking management, the group continues to thrive in a traditionally volatile sector. Today, Browns Plantations produces approximately 100 million kg of tea annually with around 17 million kg in Sri [...]
Coconut-based imports need to continue
Sri Lanka has imported stocks of coconut based products for manufacture and export purposes but the industry insists this quantity alone will not suffice and more imports are in order as crop production is likely to drop going forward. Following the Cabinet approval in March to import coconut milk, frozen coconut kernels and other coconut [...]
Access Agro to expand business
Access Agro Pvt Ltd is gearing to expand in the company’s three divisions – dairy farming, food processing and packaging, and other special projects. The dairy farming division of the company designs and sets up dairy farms. “We undertake to set up dairy farms for other companies in the sector. About three years ago, we [...]
Pelwatte at the forefront as Sri Lanka plans dairy self-sufficiency
The Government is embarking on a strategic plan on revitalising the dairy industry with initiatives aimed at enhancing productivity, improving milk value chains, and supporting local farmers while encouraging private sector investments. Key efforts include a new project utilising World Bank funding to boost dairy farm productivity in specific districts, and to transform state-owned dairy [...]
Breathing space for SMEs
Hurrah! After many years, finally the country’s administrators have developed a credit scheme to fund projects by Sri Lanka’s growing Micro, Small and Medium Enterprises (MSMEs/SMEs), without asking for collateral or security. How often in the past have SMEs/individuals struggled to convince banks and financial institutions to provide a loan without success as they didn’t [...]
Growing elephant in the room
Vehicles approaching from the opposite direction keep flashing their headlights—a widely understood alert among Sri Lankan drivers. It serves as a warning to those travelling the other way that traffic police are stationed ahead, prompting them to slow down to avoid being caught for speeding. Over the years, Sri Lankan motorists have developed their own [...]
Clean Air at Risk? Treasury reclaims emission test fund assets
The future of Sri Lanka’s Vehicular Emission Test Trust Fund (VETTF) remains uncertain with far-reaching fiscal reforms by the Treasury aimed at bringing decentralised public funds under the consolidated fund, raising fears over the fate of an important environmental initiative. This comes after the enactment of the Public Financial Management Act No. 44 of 2024, [...]
SriLankan’s first wide-body aircraft in seven years
SriLankan Airlines on Wednesday welcomed an Airbus A330-200 wide-body aircraft that arrived from Paris. This latest addition brings SriLankan’s fleet to 23 aircraft.
Dubai’s Marriott Marquis lures Sri Lankans
Sri Lankan travellers have been increasing in numbers over the years to Dubai to holiday, the reason for which Dubai’s Marriot Marquis, the Jewel of the Creek, was in Colombo last week to entice them with special packages. Representatives from the Marriot Marquis of Dubai were in Colombo aimed at attracting Sri Lankans to visit [...]
Maxtherm saves $600 m through sustainable innovations
Maxtherm Lanka (Pvt) Ltd, a leader in sustainable thermal energy solutions, has successfully helped Sri Lanka to save over US$600 million in foreign exchange by significantly reducing the country’s dependence on imported fossil fuels. Founded by experienced engineers, Gaya Siriwardhana and Ajantha Muhandiram 14 years ago, the company has consistently pioneered technologies that improve energy [...]
Policy discussion under CEPA – ODI Global partnership
The Centre for Poverty Analysis (CEPA), in collaboration with the Overseas Development Institute (ODI Global), recently hosted a roundtable discussion on ‘Agricultural Modernisation and Inclusive Finance’. This discussion marked one of the first key initiatives under the CEPA–ODI Global partnership, which aims to drive impactful research and policy dialogues on economic and global development issues. [...]
Legal, institutional reforms propel Digital ID project
The Sri Lanka Unique Digital ID (SLUDI) project is now at the stage of floating a Request for Proposal (RFP), which will kick off the project, a top official said. “Following Cabinet approval in Sri Lanka for the final set of amendments, the Government of India can release the RFP in line with the Inter-Government [...]
Sri Lanka is seeing a BYD revolution – JKH Chief
With BYD leading the global new electric vehicle (NEV) market, Sri Lanka is seeing a rapid transformation from combustion vehicles to electric vehicles. The vehicle brand is creating a huge demand among customers here with more than 5,000 pre-orders been placed since the end of last year, Krishan Balendra, Chairman of John Keells Holdings and [...]
NEXT Ventures opens Colombo Hub
NEXT, a UAE-based fintech group, has announced the launch of NEXT Ventures Lanka (Pvt) Ltd, its newest operations and support hub in Asia. Its office occupies the 24th floor of the East Tower at the World Trade Centre, Colombo. Sri Lanka’s strategic location and technically adept workforce made it an ideal choice for this hub. [...]
CDB’s post-tax profit up by 59 per cent in 2024/25
Citizens Development Business Finance PLC (CDB) has announced a historic performance for FY 2024/25, delivering record-breaking results and reinforcing its strategic ascendancy as a key contributor to Sri Lanka’s economic revival and inclusive development. A company media release said with Profit After Tax surging to Rs.4 billion (up 59 per cent) and Profit Before Tax [...]
CSE, Sampath Bank sign MOU on Digital Integration
The Central Depository Systems (Pvt) Ltd (CDS), a wholly owned subsidiary of the Colombo Stock Exchange (CSE), signed a Memorandum of Understanding (MoU) with Sampath Bank PLC to enhance the facilitation of Inward Investment Accounts (IIAs) for non-resident foreign individuals (FIs) in Sri Lanka. The CDS serves as the depository and custodian for securities traded [...]
EFL logistics helps hybrid project
Expo Lanka Freight Pvt Ltd (EFL) – Project Division recently completed the first critical delivery phase of a transformative US$11 million Solar Hybrid Energy Project for three remote islands off the Jaffna Peninsula, in collaboration with U Solar India and with generous assistance from the Government of India. The project, which targets the islands of [...]
Another 43 Ceylinco Life sales officers secure diplomas
A group of 43 sales officers of Ceylinco Life recently secured diplomas in Financial Sales Management, under a programme tailor-made for the life insurance market leader by the Sri Lanka Institute of Marketing (SLIM). Covering subjects such as Financial Planning, Communication, Analytical Skills Development, Time Management, Financial Markets, and Taxation among others, the bespoke diploma [...]
LOLC profits soar to Rs.41 bn, surpasses Rs.2 t in assets
LOLC Group has reported a profit after tax of Rs. 41 billion for the financial year 2024/25, reflecting an 89 per cent increase over the previous year, supported by an operating profit of Rs. 48 billion. The robust performance was fuelled by steady expansion in financial services, a series of strategic international acquisitions, and improving [...]