April 30, Colombo (LNW): AgriFI, the EU-funded Agriculture Financing Initiative, managed by EDFI Management Company, announced today a $ 3 million loan to Sarvodaya Development Finance PLC (SDF), a leading Licensed Finance Company (LFC) in Sri Lanka aiming at developing rural areas.
This investment rolls out the principle of the Global Gateway in Sri Lanka, which is Europe’s strategy to better connect the world and to create the proper conditions for attractive investment opportunities.
Ambassador of the European Union to Sri Lanka Carmen Moreno added: “The European Union is delighted to support this groundbreaking investment through our AgriFI program.
Empowering Sri Lankan farmers, especially women, is vital for the country’s economic recovery and to increase food security. We are optimistic that this initiative will serve as a catalyst, attracting further investments and fostering growth in Sri Lanka’s agricultural sector.”
AgriFI Manager EDFI Management Company CEO Rodrigo Madraz said: “We are proud to support SDF in its mission to empower Sri Lankan farmers. This investment aligns perfectly with AgriFI’s goal of promoting financial inclusion and innovation in the agricultural sector.”
By providing access to agricultural machinery, SDF is enabling farmers to increase their productivity and profitability, contributing to a more resilient and sustainable food system in Sri Lanka.
SDF Chairman Channa de Silva said: “Sri Lanka’s agricultural sector is a cornerstone of the country’s economy, employing a significant portion of the workforce and contributing heavily to GDP. Despite its importance, challenges such as limited access to finance and modern equipment hinder productivity and growth.
This financing from AgriFI aims to address these challenges by supporting SDF’s growth in its agricultural portfolio, particularly its innovative agricultural leasing product.”
SDF CEO Nilantha Jayanetti said: “This investment from AgriFI is a significant milestone for SDF and Sri Lankan farmers which will allow us to keep developing our agricultural portfolio while offering farmers the appropriate conditions to grow their yields and businesses.”
SDF’s leasing product allows farmers to access essential agricultural machinery, such as tractors and harvesters, at affordable rates through a leasing scheme. By becoming owners of this equipment, farmers can significantly improve their yields and overall income, driving growth in Sri Lanka’s rural economy.
AgriFI Senior Investment Officer Robin Boereboom said: “SDF has demonstrated remarkable resilience throughout the country’s recent crises, keeping a focus on the villages’ economy and agriculture.
Their commitment to rural financial inclusion, particularly for women farmers, is outstanding. AgriFI’s financing will not only strengthen SDF’s agricultural offering, but also keep improving livelihoods in rural areas.”
April 30, Colombo (LNW): Port City Colombo is to be transformed as a regional logistics/business hub and financial centre in the heart of South Asia.
CHEC Port City Colombo (Pvt) Limited has established a special partnership with the Sri Lanka Export Development Board, in an important step forward in positioning Port City Colombo towards this end.
In a significant move towards attracting export-oriented businesses to Port City Colombo, CHEC Port City Colombo (Pvt) Ltd recently entered into a partnership with the Sri Lanka Export Development Board (EDB).
A memorandum of understanding (MoU) was signed between the two parties to this effect at a special ceremony held on the 26th of April 2024 at the Port City Colombo Sales Gallery. Singing on behalf of the EDB was its Chairman, Dr Kingsley Bernard, while Managing Director of CHEC Port City Colombo (Pvt) Limited, Mr Xiong Hongfeng signed for Port City Colombo.
Discussing the importance of the partnership, Mr. Hongfeng said, they feel that this collaboration will enable us to promote Port City Colombo as a strategic location for export-oriented businesses to set up operations, whilst ensuring that we provide these entities the opportunity to further drive the economic development of Sri Lanka.”
Dr Bernard also commented saying that the SLEDB partnership with CHEC Port City Colombo (Pvt) Ltd will be a turning point for the Sri Lankan export community.
This will help create awareness about the attractive fiscal and non-fiscal benefits and opportunities available for local exporters, and the establishment of their respective trade/buying office operations within the Colombo Port City Special Economic Zone.”
This partnership will allow Port City Colombo and the SLEDB to seamlessly work in collaboration to promote the Colombo Port City Special Economic Zone as an attractive commercial destination for export-oriented businesses.
Accordingly, Port City Colombo will leverage its direct access to global markets, including that of Middle East, Asia-Pacific, and South Asia, whilst the SLEDB will provide the essential expertise and support to prospective businesses.
Together, the two parties will work towards positioning Port City Colombo as an attractive strategic logistics hub in the South Asia region.
April 30, Colombo (LNW): Sri Lanka’s Graphite exploration has taken a new turn with the entry of Applied Graphite Technologies to develop the Queens Mine Complex situated between AGT’s existing Dodangaslanda Graphite Properties.
The QMC is on private land in the heart of the vein graphite district, with historical workings and vein graphite outcrops. Vein graphite is naturally high grade (+95% carbon content in the ground) and does not require primary processing.
Testing of vein graphite in lithium-ion battery anodes has shown very high capacities, performing better than synthetic graphite. Natural vein graphite has a far superior ESG footprint than synthetic and is cheaper without compromising performance
AGT is determined to revive the graphite mining industry in Sri Lanka and become a significant contributor to the energy revolution currently underway.
The world’s highest quality vein graphite is exclusively sourced from Sri Lanka. The mission is to uncover and harness the untapped potential of AGT’s Queens Mine Complex and its high-grade vein graphite deposits
The Queens mine originally opened in the early 1900s by the British, however when the British colonial period ended in 1948 the mine was abandoned. The mountain in which the Queen’s Mine is situated in is also referred to as ‘the graphite mountain’
Applied Graphite Technologies Corp. announced that it has purchased the past-producing Queen’s Mine in Sri Lanka.
The Queens Mine was reported to be extracting high-grade graphite veins at a rate of 20 tonnes per month.
The former operator had intentions to ramp up production to 3,000 tonnes per year.
Adits provided access to the underground workings expose at least six graphite veins over a total width of 25 metres, with veins varying in thickness up to 0.4 metres.
AGT has successfully completed the cross-listing of its common shares to the OTCQB Venture Market (“OTCQB”). AGT’s common shares are now trading on the OTCQB under the ticker symbol “AGRTF”.
The TSX Venture Exchange is a stock exchange in CanadaIt is headquartered in Calgary, Alberta, with offices in Toronto, Vancouver, and Montreal.
Don Baxter, CEO and Director of Applied Graphite commented: “This listing on the OTCQB Venture Market, within two months of listing on the TSX Venture Exchange, is a significant milestone for the Company.
Most importantly, this will provide a large United States investor base with the opportunity to participate directly in Applied Graphite Technologies growth as well as enhance trading liquidity and increase outreach with the global investment community.”
April 30, Colombo (LNW): The Sri Lankan Governments is set to create a highly competitive, export-oriented economy based on market economy in collaboration with the business community of the country President Ranil Wickremesinghe emphasised.
He pointed out that the current challenge facing the nation is not about maintaining the executive presidential system but rather about building a robust economic framework.
Speaking at the International Rotary District Conference 2023/24 of the District 3220 Club for Sri Lanka and Maldives held at the BMICH, the President underscored the importance of allowing the people to decide the country’s economic trajectory, highlighting that this opportunity should not be missed by anyone.
The district conference featured a keynote address by Minister of Information Technology and Digital Services of Tamil Nadu, India Palanivel Thiaga Rajan.
District 3220 Rotary International for Sri Lanka and Maldives, established in 1929, comprises over 17,000 members. The club has been actively involved in numerous community and social welfare initiatives, as well as projects aimed at fostering social and economic development across the country.
President Wickremesinghe has been a member of the District 3220 Colombo West International Rotary Club since 1994.
“We are living at a time when Sri Lanka has reached a crossroads, deciding which path to take. This decision lies in the hands of the people of this country. Are we moving forward? Are we staying stagnant? Or do we wish to regress?” queried the President during his address.
He said that a young person asked him about his plans for the country, educate people and develop the physical infrastructure,
He noted that he has no fixed plans but he can only envision a market economy where market forces will determine the course. Within that framework, we can establish policy guidelines, outline three or four-year programs, and adapt as needed, he added..
“Thinking of a rigid plan to spur growth seems implausible to me. We must understand how to influence market forces, perhaps even manipulate or direct them. If we aim to progress, we must first decide on the economic system we desire”. Do we want a Government-led approach, following a five-year plan?
“We have tried numerous plans in the past, yet remained impoverished. Vietnam, once poorer than us, changed its course after the war. The Minister of Industries from Vietnam sought advice on promoting foreign investment, a scenario I now find myself reversing” he said. .
We often aspire to emulate countries like Malaysia or Singapore, yet hesitate to make the necessary decisions. It’s time to confront our reality. We must decide on the type of economy we want. For me, only one model is viable: a highly competitive, export-oriented economy, he added.
April 29, Colombo (LNW): Hosting an international-level rugby tournament in Sri Lanka after an extended period is truly a cause for joy and excitement. It is also wonderful to include an eco-friendly creative event. Accordingly, for every try scored by a player in the tournament, a rare plant will be planted in his name and arrangements are also made to provide the opportunity for the world to know through the Internet.
However, there are problems concerning these matters within the realm of Sri Lanka Rugby. This is an extension of the administration that was in place after the president had to step down after being angered by the Asia President.
The President of Asia collaborated with Namal Rajapaksa, who held political authority over sports in the country beyond Rugby administration, to incorporate individuals supportive of him into the Sri Lanka Rugby community. This resulted in the Asian administration exerting undue influence on the identity and autonomy of Rugby administration in Sri Lanka. This influence was evident in actions such as inviting domestic sponsors to Asian tournaments in conjunction with the sports minister. Sri Lanka was in principled disagreement with the Asian administration due to not being given due respect.
As a result, Sri Lanka was frequently oppressed, and the former president directly condemned the intervention of the Asia President to overstep his bounds and use power to the Sri Lanka Rugby. Based on that decision, all members of this administration stood firm in advocating for the freedom and independence of Sri Lanka Rugby.
In the end, there was an agreement in the administration of Rugby to make an international presentation for the innocence of the former president, and the Asia President tried not to allow Sri Lanka to play outside the Asian Games and the Olympic Council of Asia. At that time, the Asian Olympic Committee had to inform that it has the power to remove even the rugby from the tournament. After that, Sri Lanka had to play rugby under a different flag.
On this situation, the former president resigned from his position, thinking that the team that was together with him, even without him, would intervene to correct the wrong done to Sri Lanka Rugby. But what is happening now is the suspicion that they are taking off their clothes and bowing before Asia. That is why we asked about it at the media conference of the tournament in which four international teams are participating.
What we really want to know is the ulterior motives of the people who have now changed the position and sent the reputation of Sri Lanka.
Rugby to the bottom of the Asian Games, helping to bring Sri Lanka Rugby down from the Asia Rugby President’s country and protesting what Asia has done to Sri Lanka. It’s been reported that former senior Air Force officer Naleen de Silva has taken the initiative to participate in this tournament.
It was clear as the answer that Nalin does not have the idea that there was such an injustice in principle.
He did not come forward to say that Sri Lanka’s conflict with Asia Rugby and was fair he praised them the blessings received from the Asian President, Asian Administration and World Rugby.
Even though the conflict and discord should still exist due to unfair banning and pressure, Nalin de Silva feels that he has felt the weight that was accidentally loaded on his back from being the second to the third under the boss. He was the secretary who remained tolerant silent during Asanga Senaviratne’s presidency, even when foreign players were compelled to play improperly and faced fines totaling £50,000.
Having worked from the back like that, he behaved as if he was winning a competition to win the honor of using the microphone the most, even in this press conference when he was now in control. Therefore, the sports leaders from the participating countries were not introduced during the press conference. Sponsorship checks that had been collected were not showcased, and no press release had been prepared. Moreover, throughout the entire press conference, the president also wielded the microphone to interject into conversations among others.
Returning to the initial topic of this discussion, as enthusiasts of rugby, we are delighted that an Asian-level tournament is scheduled to take place in our country. But it is not important to sell the bride’s patrimony and waving the flag at the wedding.
Sri Lanka Rugby should issue a statement about the conflict with the Asian administration, the issues that led to it, etc. The determination to pursue international action in response to the injustices of the Asian administration against the president of Sri Lanka and rugby players seems to have waned under the influence of the elevated position attained by the current acting president. Has the once firm opposition transformed into unwavering “Yes Sir” support for the Asia president?
Has Sri Lanka Rugby surrendered to the influence of Asia Rugby and removed the policy mismatch with Asia Rugby, or has Asia Rugby accepted in front of Sri Lanka that their decisions were wrong? From these two matters, the country should be informed of the decision made by Sri Lanka Rugby regarding the current relationship between Asia Rugby and Sri Lanka Rugby.
Because of all this, we have to say, and we see that it is a beauty to hold a tournament in Sri Lanka where four teams from Asia come together in one place, as well as to use rugby for environmental friendliness. However, if the underlying ugliness taints this beauty, we are unable to fully revel in the joy it brings. The country should erase that ugliness and fight with the fighting world from the decision made in principle.
In the accompanying picture is the trophy present to the winners. It is completely handcrafted in the shape of the Rugby World Cup by a local carver at kandy.
While those efforts may seem commendable at first glance, ultimately, if the resistance to external pressures for independence culminates in merely acquiring a prestigious position, it represents the epitome of ugliness in the pride of rugby within the country. We also pray that Sri Lanka Rugby fans will have the opportunity to refrain from attending the ground of the unsightly tournament and instead watching some good competitive tournament.
President Ranil Wickremesinghe affirms the government’s commitment to boosting agriculture at the “Dilmah Cinnamon” launch: praised Dilmah’s entry into cinnamon production, emphasising its historical significance: The event, attended by notable figures, marks a milestone in Sri Lanka’s cinnamon industry.
ACMC Leader MP Rishard Bathiudeen meets with Indian High Commissioner Santosh Jah to express gratitude for India’s support during economic challenges: highlights Indian aid for conflict-affected housing and sought assistance for fishermen affected by coastal erosion: Discussions also covered plans for the Thalaimannar-Rameshwaram ferry service and regional development in Northern and Eastern Sri Lanka.
Speaker Mahinda Yapa Abeywardena says many MPs have requested his help to import duty-free vehicles: asserts he plans to forward their request to President Ranil Wickremesinghe, noting MPs haven’t been allowed to import vehicles for a decade: further highlights that many MPs use vehicles over 12 years old.
Police Spokesman DIG Nihal Thalduwa warns against unauthorised use of drone cameras at May Day rallies, citing safety and privacy concerns: adds six thousand officers will be deployed in Colombo, with an additional four thousand in other regions, and military support may be sought if needed.
A new gazette notification outlines three methods for income tax payments: cash deposits, pay orders or bank drafts, and the Online Tax Payment Platform (OTPP): Cheque payments are no longer accepted for income tax payments, as per the April 4 gazette: This applies to taxes under the Inland Revenue Act No. 24 of 2017, excluding other taxes like VAT, Stamp Duty, etc.
The Central Bank highlights a gap between financial knowledge and behaviour among Sri Lankans, urging policymakers to address this issue: adds despite satisfactory financial knowledge levels, there’s room for improvement in financial behaviour, influenced by attitudes, biases, and socio-economic factors: laments poor financial behaviour can worsen economic vulnerability and inequality: advocates for gender-sensitive approaches and introduces a Financial Literacy Roadmap, involving 48 actions over five years.
Secretary of the Sri Lanka Automobile Association Devapriya Hettiarachchi says due to concerns about beggars at traffic lights in Colombo, Sri Lanka will not host the SMMT International Automotive Summit 2025: The decision came after a bid was submitted, but delegates at a meeting in Rwanda were deterred by the presence of beggars, citing traffic disruptions and unpleasant experiences: adds plans were made to address the issue, urging the public not to provide assistance to beggars at traffic lights in Colombo.
PAFFREL stresses the need for political parties in Sri Lanka to release their election manifestos well in advance of any electoral contest to promote a responsible and informed political culture: laments currently, manifestos are often unveiled only a month before elections, limiting public engagement and scrutiny: stresses the importance of timely and transparent dissemination of manifestos, suggesting they be issued at least six months before elections.
Four individuals were arrested in Kollupitiya for posing as officers from the Criminal Investigation Department (CID) and extorting Rs. 10 million: The arrests came after a complaint from a Dehiwala resident: The suspects are set to appear before the Colombo Chief Magistrates Court today.
Over 500 overseas players, including stars like Tamim Iqbal and Tim Southee, sign up for the 5th edition of the Lanka Premier League 2024: Players from 24 countries, including all ICC full members, are eager to join one of the five teams: The tournament, set for July 1st to 21st, promises an exciting auction to select players.
April 30, Colombo (LNW): The Sri Lankan Rupee (LKR) exhibits further depreciation against the US Dollar today (30) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 292.57 from Rs. 290.91, and the selling price to Rs. 302.48 from Rs. 300.75.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 291.74 from Rs. 290.50, and the selling price to Rs. 301 from Rs. 299.75.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 293.50 from Rs. 291.50, and the selling price to Rs. 302.50 from Rs. 300.50.
April 30, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has underscored that while Sri Lankans exhibit satisfactory levels of financial knowledge compared to global standards, there exists a notable gap in financial behaviour within the island nation.
Highlighting the findings of the Financial Literacy Survey, the CBSL emphasised the imperative for enhancing financial behaviour, asserting that this necessitates careful consideration by policymakers.
Financial behaviour encompasses an individual’s approach to managing finances, making financial decisions, and navigating financial challenges.
In its recently published Annual Economic Review 2023, the CBSL pointed out that translating financial knowledge into tangible financial behaviour poses a multifaceted challenge.
Factors contributing to this gap include financial attitudes, behavioural biases, limited practical experience, socio-economic barriers, and emotional influences, it added.
Poor financial behaviour exacerbates individual vulnerability to economic shocks, the CBSL went on, adding that it fosters macro-economic instability through diminished savings and heightened debt, widens inequality, and strains public resources due to heightened reliance on government assistance programmes.
Despite a lack of gender gap in financial inclusion, the CBSL noted a modest disparity in financial literacy levels between genders in Sri Lanka.
To address the issue, the CBSL advocated for the adoption of gender-sensitive approaches to bridge this gap effectively.
Consequently, the CBSL highlighted the importance of introducing targeted behavioural interventions to facilitate the translation of financial literacy into positive financial behaviour among Sri Lankans, positioning it as a policy priority.
In response to these imperatives, the CBSL, in collaboration with over 40 stakeholders including financial sector regulators, ministries, academia, and public and private sector institutions, spearheaded the development of Sri Lanka’s inaugural Financial Literacy Roadmap.
The roadmap encompasses a comprehensive five-year action plan spanning from 2024 to 2028, with the primary objective of enhancing the financial behaviour of Sri Lankans.
It currently comprises 48 actions designed to achieve 10 objectives across four strategic priorities outlined in the roadmap.
These actions primarily focus on strengthening coordination mechanisms, standardising financial literacy materials, nurturing financial capability among school children in collaboration with education partners, and optimising existing resources for effective delivery of financial literacy interventions.
However, the CBSL acknowledged that while significant progress has been made in policy commitment and roadmap development, challenges persist, necessitating alignment with national policies, adaptation to evolving financial landscapes and global trends, fostering inclusivity in financial literacy interventions, nurturing partnerships, and establishing robust monitoring and evaluation frameworks.
Addressing these critical factors, the CBSL stressed that it is essential to maximise the impact and sustainability of financial literacy interventions, ultimately contributing to the development of a financially literate and empowered populace.
April 30, Colombo (LNW): Peoples’ Action for Free and Fair Elections (PAFFREL) has underscored the importance of political parties releasing their election manifestos well in advance of any electoral contest, whether it be a Presidential or Parliamentary poll.
This proactive approach would be is crucial for nurturing a more responsible and informed political culture within the country, PAFFREL emphasised.
Expressing concern over the prevailing practice in which political parties in Sri Lanka often unveil their policy statements merely a month or so before an election, PAFFREL’s Executive Director, Rohana Hettiarachchi, emphasised that there is a need for a more transparent and timely dissemination of these manifestos.
The current approach deprives the public of the opportunity to engage in substantive discussions on the proposed policies and initiatives, he noted.
Addressing a programme in Colombo aimed at promoting a responsible political culture by urging political parties to issue timely and accountable policy statements, PAFFREL convened representatives from political parties, civil society organisations, government officials, and media personnel.
During the gathering, various challenges hindering the prompt and credible publication of election manifestos were identified and discussed.
Election manifestos should ideally be released at least six months before the scheduled election date, the PAFFREL Chief underscored, lamenting, however, that the current practice often sees manifestos being publicised only after the nomination process has concluded, depriving voters of adequate time for scrutiny and deliberation.
The event saw the presence of MPs such as Dallas Alahapperuma, Prof. Charitha Herath, Prof. Tissa Vitharana, and several other key stakeholders.
April 30, Colombo (LNW): The Bribery Commission reported the apprehension of four individuals in Kollupitiya for impersonating officers from the Criminal Investigation Department (CID) and extorting a sum of Rs. 10 million in cash.
The arrests occurred around 3:30 p.m. yesterday (29) in the Kollupitiya locality following a complaint lodged by a Dehiwala resident.
The suspects are to be produced before the Colombo Chief Magistrates Court today (30).
