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World Bank doubles assistance to Sri Lanka over next three years
July 13, 2017 (LBO) – Sri Lanka will receive US1,340 million dollars in financial and technical assistance through a transitional support facility of the International Development Association (IDA), a member of the World Bank group, over the next three year period starting from July, the finance ministry said. Previously Sri Lanka received US 660 million dollars IDA […]
Sri Lanka to manage use of polythene, polystyrene
July 13, 2017 (LBO) – Sri Lanka’s government has decided to manage the use of polythene with the intention of minimizing its environmental impact from September this year. The cabinet has approved a proposal made by President Maithripala Sirisena, in his capacity as the Minister of Mahaweli Development and Environment, to implement short term, medium […]
SriLankan Airlines launches services to Hyderabad
Press Release: SriLankan Airlines is pleased announce the launch of new services from today to India’s fourth largest city Hyderabad, the capital of the state of Telangana. Accordingly, the airline will be offering a four-times-a-week service to Hyderabad, connecting the state’s capital to the world through its global route network. Hyderabad is one of three […]
Sri Lanka to go ahead with LNG plants from India, Japan
July 12, 2017 (LBO) – Sri Lanka’s cabinet has approved a proposal to issue letters of intent to build two LNG power plants in the island. These two plants, which will generate 500MW each, is to be carried out by India and Japan, a cabinet decision said without revealing details. In April this year, […]
Sri Lanka Cricket captain Mathews resigns amidst losing streak
July 12, 2017 (LBO) – Sri Lanka Cricket captain Angelo Mathews has tendered his resignation amid the national team experiencing a losing streak. Sri Lanka Cricket today called a special press conference to announce the new positions. Dinesh Chandimal has been appointed as the new Test Captain while Upul Tharanga has been appointed as the […]
CSE records second highest yearly foreign inflow
July 12, 2017 (LBO) – Sri Lanka’s Colombo Stock Exchange has recorded the second highest-ever yearly net foreign inflow of 22.8 billion rupees, the exchange said. The highest net foreign inflow of 38.6 billion rupees was recorded in 2012. On Monday, foreign investors bought 127.4 million rupees worth of shares while selling 26.3 million rupees […]
Sri Lanka cuts export earnings target to USD18bn by 2020
July 12, 2017 (LBO) – Sri Lanka is currently looking at a target for export earnings of 18 billion US dollars by 2020, State Minister of International Trade Sujeewa Senasinghe said. In 2015, Sri Lanka originally expected a 50 billion dollar export target by 2020 and later reduced it to 20 billion dollars amid sluggish […]
‘s new Inland Revenue Act will be investor friendly: Finance Minister
July 12, 2017 (LBO) – Sri Lanka’s Finance Minister says the main objective of the new Inland Revenue Bill is to simplify the tax system in order to create an investor friendly environment to attract more foreign investments. “The new Inland Revenue Bill will broad-base the tax system and incorporate globally accepted new tax principles […]
Odel plans USD106mn mixed development project in Sri Lanka
July 12, 2017 (LBO) – Odel Properties One (Private) Limited, a fully owned subsidiary of Odel, has entered into an agreement with Sri Lanka’s Board of Investment to set up a mixed development project. Odel said in a stock exchange filing that as per the agreement signed on 30th June 2017, the envisaged investment will […]
Pregnant mother nutrition program to enable mobile payments
National Nutrition Program for pregnant mothers is one of the welfare programs conducted by the government. The program has been implemented by the Ministry of Women and Child Affairs with the objective of uplifting the wellbeing of both the child and the mother. Under this program, a pregnant mother receives a voucher for 2,000 rupees […]
UNDP to help uplift local SMEs through National Trade Fair
July 11, 2017 (LBO) – The United Nations Development Programme (UNDP) Sri Lanka will organize Aadhayam 2017, a national trade fair, to help businesses expand and promote innovation, employment, skill development and local enterprise. Aadhayam 2017 will create a favorable platform for Sri Lankan small and medium sized enterprise to connect with larger markets and expand business […]
CB to issue Rs10 commemorative coin to mark 150 yrs of Ceylon Tea
Central Bank is to issue 10 rupee commemorative coin to mark 150 years of Ceylon Tea. The coin which will be in general circulation, as customary, will be released by the Governor of the Central Bank to Finance Minister Mangala Samaraweera, tomorrow. Since the day James Taylor planted the first seed of tea, Ceylon Tea […]