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United States commits USD 150Mn to support small businesses & empower Sri Lankan women
The United States continues to support small businesses in Sri Lanka as they work to overcome the economic challenges posed by the pandemic. The U.S. International Development Finance Corporation (DFC) awarded USD 150 million in funding to Sri Lanka’s DFCC Bank to bolster the local small and medium-sized enterprise (SME) sector, strengthen private sector investment, […]
Oil spillage reported in Hambantota International Port
An oil spill has occurred at the Hambantota Port at approximately 6 pm on Sunday, 11 July 2021. The incident has occurred whilst a bunkering barge was refueling a commercial vessel that had called at the port. Hambantota International Port Group said that immediate action was initiated by the port as per the Standard Operational […]
CSE to convert mobile app into a comprehensive investor platform under 2nd phase of digitalization
The Securities and Exchange Commission of Sri Lanka (SEC) along with the Colombo Stock Exchange (CSE) continues to drive digital advancement in Sri Lanka’s capital market with the launch of the second phase of the digitalization of the Stock Market recently under the patronage of President Gotabaya Rajapaksa. Following the Covid-19 outbreak in Sri Lanka […]
Former CEA Director General Muthukuda Arachchi joins H2O1 Board of Directors
July 2021 H2O One Pvt Ltd (H2O1) has announced that Mr. Muthukuda Arachchi the former Director General of Central Environmental Authority (CEA) has joined the board of Directors of H2O1. Muthukuda Arachchi is a highly experienced senior scientist counting over 30 years of experience in the industry. In addition to serving as the Director General […]
ACL Cables completes fourth ‘ACL SAX’ conductor installation project
ACL Cables PLC, Sri Lanka’s No.1 cable manufacturer recently completed another significant milestone with the installation of its fourth ‘ACL SAX’ 80mm² 33KV medium voltage covered conductor electricity transmission project. The installation took place at a site close to Sri Lanka’s largest power station, the Lakvijaya Power Plant, commonly known as Norochcholai Coal Power Plant. […]
‘s cargo handling volume increases amidst pandemic
As 2021 hits its halfway mark, the Hambantota International Port (HIP) records an overall growth in its volumes and diversification of services. The port’s overall cargo handling volume has increased from 420,421 MT by the end of June 2020, to a significant 1,206,425 MT, during the corresponding period this year. HIP continued its operations without […]
Sri Lanka seeks USD 150Mn loan from ADB for Responsive Vaccines for Recovery project
The Government of Sri Lanka is planning to borrow two loans amounting to USD 150 million from the Asian Development Bank (ADB) to implement the “Responsive COVID-19 Vaccines for Recovery (RECOVER) Project”. The proposed total financial assistance from ADB is comprised of USD 84 million under Asia Pacific Vaccine Access Facility (APVAX) and USD 66 […]
Sri Lanka’s official reserves remain at USD 4bn level by the end of June
Sri Lanka’s official reserves were 4 billion US dollars (USD 4,027.9mn) by the end of June, unchanged from 4 billion US dollars (USD 4,032.8mn) in May, the latest Central Bank data showed. This does not include the swap facility signed with the People’s Bank of China (PBoC) of RMB 10 bn (equivalent to approximately US$ […]
Local Companies permitted to invest in International Sovereign Bonds in Secondary Market
Sri Lanka’s Finance Minister has issued Regulations, with the approval of the Cabinet to permit companies incorporated in Sri Lanka excluding companies engaged in the finance business to purchase International Sovereign Bonds (ISBs) issued by the Government, in the secondary market. According to the above Regulations, companies can invest in ISBs utilizing 50% of the […]
‘s Minister of Finance
Basil Rajapaksa took his oaths as Minister of Finance before President Gotabaya Rajapaksa at the Presidential Secretariat today (July 8), President’s Media Division said. With the reshuffle of ministerial portfolios, Prime Minister Mahinda Rajapaksa was sworn-in as Minister of Economic Policies and Planning. With the resignation of National List Member of Parliament Jayantha Ketagoda, Sri […]
CBSL expects 5-pct GDP growth in 2021; inflationary pressures to be addressed with policy intervention
The Monetary Board of the Central Bank has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 percent and 5.50 percent, respectively. According to the Central Bank, the economy is likely to have recorded a higher than expected […]
SL Retailers’ Association urges for relief measures from PM
Sri Lanka Retailers Association (SLRA), the apex body of Sri Lanka’s Organised Retail Sector (ORS) consisting of last mile retailers, met Prime Minister Mahinda Rajapaksa on June 30 to address the issues and difficulties they are faced with due to COVID pressures in the country. Representatives of SLRA also requested Prime Minister to institute relief […]