Influential global investment bank Morgan Stanley recently said a key weakness for Sri Lanka is the high proportion of short-term debt. “The proportion of short-term debt (original maturity) has increased sharply in the domestic markets and, even on the external side, Sri Lanka now faces a eurobond redemption every year until 2030 with a couple of maturities due…
Continuing its heavy focus on entrepreneurial and economic development island-wide, BOC has led the way in CBSL’s ‘Saubagya COVID-19 Working Capital Loan scheme, by being set to single handedly disburse Rs.42.8 Billion of the allocated total of Rs.150 Billion by CBSL. A sum of Rs.34.6 Billion has already been fully disbursed by the bank, which…
The construction of the wind power plant in Mannar is set to be completed by the beginning of 2021, the state information office said. A 100MW wind power plant is being constructed in Mannar under a US$200 investment from the Asian Development Bank (ADB). The physical progress of the project has reached 73% and the…
Sri Lanka Embassy in Oman and the Export Development Board of Sri Lanka (EDB) jointly organised a B2B virtual meeting between Al Hilal Fiber & Acrylic Industry LLC, a popular manufacturers of fiberglass & Acrylic finished products in Oman, and the Sri Lankan Companies namely, Neil Fernando & Co. (Pvt) Ltd, Danusha Group of Companies,…
LONDON (Reuters) – Sovereign default risks are on course to rise further in 2021, with Iraq, Sri Lanka, Angola and Gabon at high probability of default, say Goldman Sachs analysts. Five sovereign debt defaults or distressed debt exchanges – in which investors swap their debt for new bonds, often with longer maturities and a reduced…
Sri Lanka’s premiere private sector commercial bank and pioneer in the field of SME banking, Hatton National Bank PLC, recently announced a landmark agreement with PROPARCO, the private sector funding arm of the French Development Bank Agence Française de Développement (AFD), to secure US$ 60 million in funding. “We are delighted to enter in to…
The COVID-19 has disrupted agriculture and supply chains in every corner of the globe. Firms in the supply chain have been tested and some have to transform their business model. In Sri Lanka where nearly quarter of the population is employed in the Agriculture sector, the focus has shifted toward developing this sector and strengthening the…
Premium income improves by 13.8% to Rs 15.5 billion Investment & other income grows by 14.3% to Rs 10.8 billion Net claims & benefits to policyholders up by 12.8% to Rs 9.1 billion Sri Lanka’s life insurance market leader Ceylinco Life has posted consolidated income of Rs 26 billion for the nine months ending…
The leading cement manufacturer in the country, INSEE Cement Sri Lanka signed a landmark agreement with the State Engineering Corporation (SEC) to purchase dolomite, which is used as raw material in the cement manufacturing process. The agreement was signed in the presence of Prime Minister Mahinda Rajapaksa at the Parliament premises, which entails INSEE Cement…
COLOMBO (Reuters) – China has raised objections to what it called U.S. bullying of Sri Lanka after Washington said the Indian Ocean island must make “difficult but necessary choices” regarding its ties with China. The comments by the Chinese embassy in Colombo came shortly before the arrival on Tuesday of U.S. Secretary of State Mike…
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