Nawaloka Medicare (Private) Limited, which is a fully owned subsidiary of Nawaloka Hospitals PLC, will be expanding its services by constructing a six-storied building, upon a land taken on lease of 30 years. In a stock exchange filing the company noted that “Nawaloka Medicare (Private) Limited bearing company registration number PV 93186 and having its…
The Central Bank, in consultation with the Government of Sri Lanka, has introduced the Saubagya Covid-19 Renaissance Loan Scheme to provide working capital loans at 4% interest rates to businesses adversely affected by the COVID-19 outbreak, through Licensed Banks, thereby supporting the revival of economic activity in the country. This Loan Scheme is available for…
In an effort to protect local small scale agriculture exporters, the government recently imposed restrictions on the importation of several agriculture crops. Accordingly, the government restricted the importation of Corn, Green gram, Peanut, Dried chilli, Black gram (ulundu), Turmeric, Ginger, Black-eyed pea (cowpea), Big onion and Red onion among other crops. However, this move has…
IFC, a member of the World Bank Group, and funds managed by IFC Asset Management Company (AMC) have signed an agreement to invest up to $50 million through a private placement of new equity shares in Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest private bank. The investment will help the Bank continue to grow…
Fitch Ratings has affirmed the National Long-Term Ratings of the following four Sri Lankan finance and leasing companies: -AMW Capital Leasing And Finance PLC (AMWCL) at ‘BBB(lka)’; Outlook Negative -Abans Finance PLC at ‘BB+(lka)’; Outlook Negative -Fintrex Finance Limited at ‘B+(lka)’; Outlook Stable -Bimputh Finance PLC at ‘B+(lka)’; Outlook Negative In addition, Fitch has maintained…
The Central Bank of Sri Lanka (CBSL) wishes to categorically deny the views/concerns expressed/raised by few authorities and persons that the required due diligence processes are not followed by banks (Authorized Dealers – ADs) operating in Sri Lanka in opening and maintaining recently introduced Special Deposit Accounts (SDAs). The Government of Sri Lanka in consultation…
The government has decided to utilize funds of local banks and the services of local construction companies for the establishment of the Ruwanpura Expressway. Although the project was planned with foreign funds, the implementation of the project using local funds has been found to be more beneficial to the country. Accordingly, the proposal presented by…
Aviation insurance is a mandatory requirement for airline operations. SriLankan Airlines obtained an insurance coverage from the Sri Lanka Insurance Corporation in 2018 with the Cabinet’s approval. The insurance cover has to be renewed annually, and the standing Technical Evaluation Committee of SriLankan Airlines has recommended that the insurance coverage for the year 2020/2021 be…
Amid a partial reopening of the country to civil and business life, the share of the corporate executives who say the Sri Lanka economy in general will improve in the coming 12 months continues to rise with 42% ( compared to 36% in May) of respondents to the latest LMD- Nielsen Business Confidence Index (BCI)…
In order to develop villages the banking service in the country should understand the rural economy and the needs of the people, President Gotabaya Rajapaksa emphasized. It is a timely necessity to develop export agricultural businesses instead of waiting for foreign countries to come into fray. Mere establishment of industries alone cannot be defined as…
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