May 01, Colombo (LNW): The overall rate of inflation measured by the Colombo Consumer Price Index (CCPI) indicates a rise, reaching 1.5 per cent in April 2024, the Census and Statistics Department disclosed.

This marks a rise from the previous month’s figure of 0.9 per cent, according to the latest data released by the Dept.

In April 2024, the inflation rate for the food group declined to 2.9 per cent from 3.8 per cent in March 2024, while the inflation rate for the non-food group increased to 0.9 per cent from -0.5 per cent in March 2024.

Contributions to the April 2024 inflation rate from the food group and non-food group were 0.9 per cent and 0.58 per cent, respectively.

The Census Department attributed this to price increases in categories such as transport, alcoholic beverages, tobacco and narcotics, education, restaurants and hotels, miscellaneous goods and services, recreation and culture, communication, clothing and footwear, furnishing household equipment and routine household maintenance.

Conversely, price decreases were observed in categories such as housing, water, electricity, gas and other fuels, and health compared to April 2023.

By: Staff Writer

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.” 

By: Staff Writer

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.

By: Staff Writer

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.”