NDB Investment Bank made inroads into the African Region by acting as the exclusive Financial Advisor and Manager to the recently concluded transaction of Hela Apparel Holdings PLC. NDBIB arranged a USD 14 Mn fund raising via Norfund directly to Hela’s investment holding company earmarked for its operations in the African Region. The funds raised…
The Sri Lanka – Pakistan Business Council (SLPBC) of the Ceylon Chamber of Commerce consolidated trade ties with Pakistan at the ‘My Karachi Trade Fair’, held in Karachi, Pakistan from 2nd – 6th March. Organised by the SLPBC in collaboration with the Consulate General of Sri Lanka in Karachi, the business promotion mission participated in…
Canadian Prime Minister Justin Trudeau seems to be worried about Canadian “sovereignty” & is expected to appoint an independent Rapporteur to probe alleged Chinese interference in the recent elections. However, Conservative leader, Pierre Poilievre, is said to be thinking it is Trudeau’s “cover up” to avoid “accountability”. The Rapporteur is expected to make recommendations to…
It is also learnt that the Adani group would bring into the island country its own 5.2 MW turbines, a prototype of which has been working for a year at Mundra, Gujara The Hindu Business Line – The Adani group, which has been given permission to put up 340 MW of onshore wind power projects…
Fitch Ratings-Hong Kong-10 March 2023: Fitch Ratings believes Sri Lanka is likely to secure financing support from the IMF after the fund’s Executive Board set a date of 20 March to review the USD2.9 billion staff-level agreement that the country signed with the IMF in September 2022. IMF funding should improve Sri Lanka’s external liquidity, but…
Immediately probe investigations through the CID regarding the loss of institutional information – COPE Chairman instructed the Sri Lanka Export Credit Insurance Corporation. Recommendations to appoint an independent committee consisting of the Internal Auditor affiliated to the Finance Ministry and submit a report on this institution within 3 weeks. The Ministry of Finance directed to…
SriLankan Airlines will unite with the Sri Lanka Convention Bureau to organize the Sri Lanka MICE Expo from 13 – 15 March 2023 at Shangri-La Colombo in a bid to position Sri Lanka as a preferred destination for Meetings, Incentives, Conferences and Exhibitions (MICE). The expo would further offer an interactive platform for local MICE…
Sri Lanka has adopted its first National Action Plan on Women, Peace and Security (WPS), for the period 2023 – 2027 with the support of the Government of Japan and UN Women. The Plan adds to the country’s legal and policy frameworks to protect and empower women in line with international commitments set out in…
Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, the nation’s central bank governor told Reuters. The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China,…
In an effort to support Sri Lanka by stabilising the nation’s economy amid an ongoing economic crisis, the International Finance Corporation (IFC), a member of the World Bank Group, has stepped forward to provide a cross-currency swap facility to Sampath Bank PLC, along with two other private banks. Accordingly, the IFC notes that USD 400…
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