Colombo (LNW): Singapore’s Prime Minister Lee Hsien Loong has expressed sincere appreciation for the positive outcomes resulting from the productive discussions held with President Ranil Wickremesinghe in August.
The cordial letter conveying his gratitude was addressed to President Wickremesinghe, reported the President’s Media Division (PMD).
In the letter, PM Lee Hsien Loong emphasised his dedication to strengthening ties between Singapore and Sri Lanka across political, economic, and people-to-people dimensions.
The commitment to enhanced collaboration reflects a mutual desire to deepen the bilateral relationship for the benefit of both nations.
Prime Minister Lee Hsien Loong extended well wishes to President Wickremesinghe for good health and continued success in guiding the nation’s progress.
Additionally, he expressed anticipation and eagerness toward visiting Sri Lanka in the near future, underscoring the commitment to sustaining and advancing diplomatic ties between the two countries.
Colombo (LNW): Ceftriaxone, the antibiotic linked to a tragic death in July, has reportedly caused another allergic reaction in a patient at the National Hospital Colombo, a report by Daily Mirror disclosed.
The patient, admitted on December 09 for fatigue, experienced complications after receiving Ceftriaxone, including numbness in the arm, according to the report.
The patient was subsequently placed in the intensive care unit due to severe complications, with tests revealing a significant decrease in blood pressure and lung oxygen levels.
Hospital sources indicate that doctors were instructed not to use Ceftriaxone and to opt for alternative antibiotics.
This incident adds to growing concerns surrounding Ceftriaxone, previously associated with fatalities and complications in other hospitals.
Despite attempts, contacting health officials for comments on the matter has been unsuccessful. Ceftriaxone is commonly used to treat various bacterial infections.
Colombo (LNW): Sri Lanka, currently remaining extremely reliant on fossil fuels for the generation of its electricity, is now encouraging renewable energy projects especially solar and wind power plants with foreign investor involvement.
It has set itself the goal of increasing their renewable contribution to 70% of electricity production by 2030 as the installed capacity is insufficient to meet growing demand.
The Cabinet of Ministers has approved a proposal today seeking to enter into a Solar Power Purchase Agreement with the Australia-based company United Solar SGroup.
Taking to X (formerly Twitter), Power & Energy Minister Kanchana Wijesekera said through this deal, an investment would be made in a 700 MW Solar Power Project with a 1,500MW Battery Energy Storage System.
“The Solar power project will be installed on the surface of the Poonakary Tank in the Killinochchi District, with a Foreign Direct Investment of US$ 1,727 Million,” Wijesekera added.
Moreover Volta Investissements, a France-based renewable energies producer, has announced the conclusion of a $ 4 million capital raising designed to accelerate the implementation of its solar projects in Sri Lanka.
This fundraising will allow Volta to accelerate the construction of solar power plants, developed and installed on the roofs of Sri Lankan schools by its local partner Gaia Greenenergy Group. More than 500 schools already equipped with solar roofs
Since 2021, Gaia and Volta have been installing PV solar rooftops on Sri Lankan schools and hospitals. Having commenced in the Uva Region, with over 500 schools equipped as of Q1 2023, the Franco-Sri Lankan IPP is now seeking to launch the construction of similar assets in two new provinces
The combined initial investments of Norfund and Volta will support the overall construction of photovoltaic assets, 44 MWp, and help further secure the pipeline.
This capacity is expected to generate around 64 GWh per year, thus avoiding more than 41,000 t CO2 eq. per year.
The investment is made from the New Norwegian Climate Investment Fund that was set up by Norfund, with the goal of alleviating greenhouse gas emissions by investing in renewable energy in developing countries .Sri Lanka is one of eight prioritized countries for the new fund.
Colombo (LNW): Sri Lanka is set to reinvigorate once thrived and later neglected homestay’ tourism concept to boost tourist arrivals with the aim of achieving the present government’s goal to attract five million tourists in the year 2024.
The local population plays a significant role in the tourism industry since they serve as the tourists’ hosts.
Tourism must be promoted to maximize industrial benefits. Positive outcomes must be enhanced, while negative consequences must be controlled, tourism ministry sources said.
The tourism sector has conceptualized the “Home Stay Programme” for the purpose of directly involving the rural community in Tourism which is now becoming a major contributor to the Sri Lankan Economy.
The initiative was taken by Sri Lanka Tourism to reintroduce the Home Stay programme with the objective of engaging the local community together with their expertise and capacity to become stakeholders in the Tourism sector.
They would become beneficiaries of tourism by offering accommodation facilities in their own homes to tourists.
The Home Stay program will have a special feature where tourists will have a first-hand experience of local culture and lifestyle which most of the tourists look for in their travel.
According to a countrywide research survey especially in popular tourist destinations in the island, homestay tourism business owners need to invest In eco-friendly business operations.
This was because of eco-friendly hospitality services are the main trends in the current global tourism and hospitality business Sector.
Also, homestay business owners should know that practical knowledge is highly significant in the tourism and hospitality sector business environment.
In the future, community capacity development, Identification of a unique promotional mechanism, and eco-friendly business operations will be needed to manage negative impacts.
The program also provides training and other facilities to those who operators to offer clean, comfortable and affordable accommodation while ensuring a memorable experience to the guests who would become promoters of this program in their own countries.
The Sectoral Oversight Committee on National Economic and Physical Plans in Sri Lanka discussed the government’s goal to attract five million tourists to the country in the year 2024.
Addressing the Committee, officials of the Ministry of Tourism and Lands mentioned that they have planned to implement the Home Stay concept, while officials also pointed out that plans have been made to bring wealthy tourists to Sri Lanka in the coming year.
Furthermore, in order to attract more tourists to Sri Lanka, the Committee pointed out that the general society of Sri Lanka should be prepared to welcome such tourists in a respectful manner, as opposed to cheating them out of their money.
The officials pointed out that training programs are already being conducted in selected areas.
Furthermore, the Committee also pointed out that it is important to identify the places with tourist attractions at the local level and prepare methods to promote them.
Colombo (LNW): Port City Colombo (PCC) showcased its commitment to sustainable development and global economic cooperation at the third Commonwealth Trade and Investment Summit (CTIS) held in London recently.
CTIS, known for bringing together senior business leaders and ministers from across the Commonwealth’s five regions, provided an ideal platform for PCC to engage in critical discussions on promoting trade and investment opportunities.
The event highlighted PCC’s dedication to fostering partnerships and driving economic growth not only in Sri Lanka but on a global scale.
Port City Colombo is poised to be a regional game-changer through its Special Economic Zone (SEZ) offering a range of incentives and benefits for investors and businesses. Port City Colombo will access South Asia, tipped to be one of the fastest growing regions over the next few years.
Port City Colombo’s five-year plan aims at revitalising Sri Lanka’s economy through FDIs. This plan calls for a substantial $ 5.6 billion in FDI, a move that will position Sri Lanka as a leader in the global service export market.
The SEZ also aims to contribute a staggering $ 13.8 billion to Sri Lanka’s annual GDP and generate over 140,000 direct job opportunities. During the construction phase, a projected fiscal revenue of $ 1.7 billion is expected, with an annual recurring revenue of about $ 700 million during the operational phase
Port City Colombo Deputy Managing Director Thulci Aluwihare addressed the gathering on “Financing Sustainable Infrastructure”.
The panel, comprised of representatives from governments, developers, financiers, and ecosystem enablers worldwide, and delved into the collaboration between the public and private sectors to bridge the infrastructure gap and advance sustainable development.
Sharing insights derived from PCC’s unique position as a brand-new city development, Aluwihare highlighted the city’s commitment to Colombo’s green transition.
Emphasising energy-efficient real estate development and a robust commuter transportation strategy, PCC aims to set a new standard for sustainable urban living while effectively mitigating climate risks.
A key focus of the discussion was unlocking green financing channels for emerging markets like Sri Lanka.
Aluwihare addressed this challenge, shedding light on the legal and regulatory hurdles and offering strategic solutions to ensure that green financing becomes a catalyst for positive change in the region.
Port City Colombo’s presence at CTIS 2023 not only underscores its commitment to global economic cooperation but also positions it as a leader in sustainable urban development.
By actively contributing to discussions on sustainable infrastructure financing, PCC is solidifying its role as a key player in the international arena, exemplifying its vision as the “Gateway to South Asia”.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight fluctuation against the US Dollar today (12) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 322.24 from Rs. 322.18, and the selling price has dropped to Rs. 332.32 from Rs. 332.37.
The LKR, meanwhile, indicates depreciation against several other foreign currencies, including Gulf currencies.
Colombo (LNW): The Sri Lanka Telecom Group (SLT Group) is now under a restructuring process of divesting of its major stake of management in a public private partnership venture.
The government’s decision is aimed at eliminating its inefficiency, unproductivity and less contribution for economic growth with massive overheads, although it has been considered as a profit- making institution.
The Government has extended the deadline for submission of Request for Qualification (RfQ) for the purchase of controlling stake in Sri Lanka Telecom (SLT) until 12 January 2024.
The previous deadline was 18 December 2023.The SOE Restructuring Unit (SRU) has ruled out any further extension.
The last date for receiving clarification requests from prospective bidders is 13 December.
SRU hopes the issuance of Request for Proposal; opening of data room and qualified bidders’ due diligence to take place in the first quarter of 2024.
In November, the Finance Ministry issued a notice on RfQ from interested parties to acquire a 50.23% stake in SLT.
The SLT restructure will be making the national telecom provider as an efficient, transparent and accountable business enterprise of providing effective service delivery, Finance Ministry sources disclosed.
Restructuring of SLT will be done by Public Enterprise Holding Company Ltd.
The SLT with 4,697 employees is currently operating with 21 trade unions and it has become a burden to the country with frequent workers protests and strikes making it difficult to the management to steer the public enterprise on a real profitable path.
It has failed to achieve the establishment objectives of ensuring the maximum return on public investment while making sure the optimum use of institutional resources as well as the ability to operate with commercially viable and independent entity.
Although SLT is making profits, its profitability ratio is very much lower than its competitors operating in the country.
The average profitability ratio of SLT during past five years was around 6.52 per cent whereas the Dialog Axiata PLC, its main competitor maintains a profitability ratio of 15.2 per cent.
Profitability ratios are defined as financial metrics used to assess a firm’s ability to generate earnings relative to its revenue, operating costs, balance sheet assets, or shareholders’ equity over time, using data from a specific point in time.
Preparations for the privatisation of SLT started in the early 1990s under “free market” economic reforms carried out by then UNP President Ranasinghe Premadasa by transforming the telecommunications department into SLT Corporation in 1991.
In 1996, it became a publicly traded company under the SLFP-led government of then President Chandrika Kumaratunga.
In 1997 the Kumaratunga government sold 40 per cent of SLT shares to Japanese Nippon Telegraph and Telephone Company (NTT). The NTT in 2007 sold 25 per cent of its shares to Malaysian Usaha Tegas Sdn, a subsidiary of Maxis Communication Bhd.
This privatisation was accompanied by mass layoffs of SLT’s workforce which had been reduced to 6,600 from 8,600 during the period 2000-2006 under a voluntary redundancy scheme, with many workers replaced by low-paid contractors.
Colombo (LNW): The government is committed to accelerating the transition to renewable energy, and accordingly, Cabinet approval was granted to enter in to a Power Purchase Agreement with United Solar Group of Australia, disclosed Power and Energy Minister Kanchana Wijesekara.
The Minister underscored the ongoing effects to prioritise renewable energy solutions in Sri Lanka’s power and energy sector.
“The Solar power project will be installed on the surface of the Poonakary Tank in the Killinochi District, with a Foreign Direct Investment of USD 1,727 Million,” Wijesekara wrote on his X account.
“Cabinet approval was granted yesterday to enter in to a Power Purchase Agreement with United Solar Group of Australia to invest in a 700 MW Solar Power Project with a 1500 MWh of Battery Energy Storage System,” he added.
Cabinet approval was granted yesterday to enter in to a Power Purchase Agreement with United Solar Group of Australia to invest in a 700 MW Solar Power Project with a 1500 MWh of Battery Energy Storage System.
The Solar power project will be installed on the surface of the…
Young people, who are among those most at risk to the impacts of climate change, are not accessing the funds they need to tackle the challenges posed by global warming, according to a report published on 9 December.
The joint report by the Commonwealth Secretariat and YOUNGO, the children and youth constituency of the United Nations Framework Convention on Climate Change (UNFCCC), analysed 100 climate finance initiatives targeted at young people.
While it shows an increase in youth-focused climate finance, funds are mainly disbursed in small amounts, hindering large-scale youth-led climate action.
In addition, the audit information provided by funders lacked full transparency, especially about beneficiaries and what projects were funded.
In response, the report calls for a fit-for-purpose approach to deploying climate finance for youth-led actions to remove existing barriers and ensure young people receive a fair share of support.
The proposed solutions include targeted reporting, a streamlined process for accessing funds with a focus on clear eligibility criteria, increased private sector support and new innovative financing sources.
Climate finance, a core part of the Paris Agreement, is provided to help developing countries cut greenhouse gas emissions and adapt to the impacts of climate change.
The report was launched at a side event, ‘Empowering Youth Leadership: Experiences from the Commonwealth in Access to Climate Finance, Capacity Building and Technology’ – hosted by the Commonwealth Secretariat in partnership with the governments of Fiji and Zambia on 9 December 2023 during the United Nations Climate Change Conference (COP28).
Speaking at the event, the Commonwealth Secretary-General, the Rt Hon Patricia Scotland KC, said:
“Young people, who make up 60 per cent of Commonwealth citizens, are on the frontline of the climate crisis, living mostly in areas prone to extreme weather events.
“As a result, many are facing job losses, displacement, health issues and educational setbacks. In the face of adversity, the resilience of young people shines through as they harness their drive and talent to lead on powerful climate solutions.”
She added: “This report reveals the dire need to scale up financial support for young people and prevent them from being stuck in the vicious cycle of chasing funds. We must work together with young people to address the barriers they face in accessing climate finance and support them in scaling contributions to meeting climate targets. This is essential to our belief that youth-led action is integral to our pursuit for a sustainable future for all.”
During the event, participants shared their experiences on accessing climate finance, upskilling and leveraging technology to empower youth-led efforts in tackling the challenges posed by climate change, while examining ways to maximise existing opportunities.
Collins Nzovu, Zambia’s Minister of Green Economy and Environment, said: “The future belongs to the children, and we should do everything possible to ensure we leave a liveable climate for them. We realise we need to pass the baton of leadership to the youth. We are increasing our support to the youth to take leadership which demonstrates our unwavering support for the Commonwealth Year of the Youth.”
The minister urged youth to use their energy, presence, connections and innovation to drive the change needed to save the planet.
In his remarks, Naipote Tako Katonitabua, Fiji’s Ambassador to the United Arab Emirates, said: “The world is facing unprecedented impacts of climate change the global stocktake has shown us how far behind we are in our climate ambitions.”
“We need dramatic actions to benefit our climate and we need them now,” he added. “Youth inclusion at all levels in climate action including at political level is necessary to ensure the sustainability of our efforts.”
Sheen Tyagi, Research Director at YOUNGO’s Finance and Markets Working Group, said: “The seeds of environmental resilience are sown in the passion and innovation of youth. Investing in youth-led climate projects is not just an investment in the future; it’s a commitment to safeguarding our planet.”
She continued: “Climate finance directed towards our projects is the imperative bridge between aspirations and actionable change. The currency of change lies in climate finance for the youth, and to ensure a sustainable tomorrow, we need the unwavering support of governments, institutions, the private sector, communities, and every individual.”
During the event, Dr Ruth Kattumuri, Senior Director at the Commonwealth Secretariat’s Economic Youth and Sustainable Development, announced this year’s winners of the Commonwealth Sustainable Energy Transition Award.
Bangladesh’s Areebah Armin Ahsan and Pakistan’s Sarah Shahbaz Khan received awards for their outstanding short stories: ‘Tragedy to Triumph: Biogas in Daria Nagar’ and ‘Mud-coated Walls and Sandy Dunes’, respectively.
In the category of the best technical solution, Uganda’s Michael Okao, Darius Ogwang and Joshua Elem were recognised for their solar concentrator that harnesses renewable energy for clean cooking.
Nigeria’s Michael Chiangi Gbagir won the best educators award for his initiative ‘EcoPower Adventure’, which engages different communities through interactive learning activities, such as energy scavenger hunts.
The ‘Availability of Climate Finance for Youth’ report will inform the Commonwealth Secretariat’s ongoing work, especially its Commonwealth Climate Finance Access Hub, which has supported small and vulnerable countries to access about $322 million of climate finance for projects to mitigate and adapt to the impacts of climate change.
