Category: Economy

May 29, 2012 (LBO) – Sri Lanka has begun a five-year 223 million dollar programme to stop flooding and improve storm water drainage in the capital Colombo, which has been worsened by rapid filling of wetlands in the city. Partly funded by the World Bank, officials plan to expand canals, water retention tanks and related […]

May 28, 2012 (LBO) – Indocean Developers (Pvt) Ltd, a company backed by India’s South City Projects (Kolkata) Ltd, will begin work in September on a 400-apartment tower that will have a project value of 250 million US dollars, officials said. Director, Jugal Khetawat said the tower will have 69 stories with two basements, making […]

May 28, 2012 (LBO) – Sri Lanka has struck a deal that allows 15 state employees a chance to pursue their Masters studies in Japan, a statement said. Under the Japan International Cooperation Agency or JICA, some 211 million yen or 340 million rupees will be spent on this scholarship programme, JICA said Monday. The […]

May 25, 2012 (LBO) – Sri Lanka has cleared over 90 percent of the area where land mines believed to have been laid during a 30-year civil war which ended in 2009, the island’s finance ministry said. The finance ministry additional human and financial resources are needed to make Sri Lanka mine free by 2020. […]

May 25, 2012 (LBO) – Sri Lanka’s economy will expand around 7. 0 percent in 2012, but a drought can hit agricultural output which may undermine growth, Treasury Secretary P B Jayasundera said. “We think the economy will grow around 7. 0 percent,” Treasury secretary P B Jayasundera said. “Nobody should under-estimate the prevailing drought […]

May 25, 2012 (LBO) – United Nation’s effort to raise 147 million dollars to fund humanitarian assistance in the former conflict-hit northern region this year, is facing a severe funding shortfall, official data showed Friday. The UN said 6,063 people continue to live in the Menik Farm displaced centre, three-years after security forces crushed the […]

May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south for 1. 98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. Both loans will be covered by Treasury guarantees. The road from Matara to Hakmana will connect to a planned expressway […]

May 24, 2012 (LBO) – Sri Lanka’s aims of improving investment, supporting structural shifts and improving living standards as a middle income country will be the focus of a new 4-year program, multilateral lender, the World Bank said. Sri Lanka already had ‘well articulated’ vision for development, it said. “The road ahead in achieving the […]

May 24, 2012 (LBO) – A plan to give a facelift to Sri Lanka’s capital Colombo by sprucing up key roadsides rehabilitating lakes and wetlands and reducing flooding will be backed by a 213 million US dollar World Bank loan, the finance ministry said. The ‘Metro Colombo Urban Development Project’ covers metropolitan area of the […]

May 24, 2012 (LBO) – Sri Lanka will spend 32 million US dollars to upgrade the country’s state-run blood bank with financial assistance from The Netherlands, minister Lakshman Abeywardene said. Sri Lanka’s national blood transfusion service will get new freezing facilities which can keep blood and components up to 10 years, he said. The national […]

May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south with 1.98 billion rupees in commercial bank credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road […]