Reuters – Sri Lanka is aiming to attract well over $1 billion in foreign direct investment this year, an official said on Friday, as the country wrestles with its worst financial crisis since independence in 1948. These include proposals by Marubeni Corp (8002.T) and India’s Adani Group to set up renewable energy plants on the island, Renuka…
The Government of Sri Lanka has signed an MOU with the Indian based Adani Group to offer 500MW of Wind Plants to Adani Green Energy Limited following the granting of approval from the Cabinet. Adani, an Indian multinational conglomerate, have been offered the two best wind sites in Sri Lanka, namely Mannar and Poonarine, at…
Seeking more cash from India, sees Japan aid forthcoming Seeking rapid aid and longer extended fund facility from IMF Bloomberg – Bankrupt Sri Lanka can’t tap a $1.5 billion credit line from China as the Chinese are concerned the International Monetary Fund may force delays in repayment. “There is a condition in relation to the months of…
The Board of Investment of Sri Lanka (BOI) presented a five-year strategic plan with the expectation of attracting sustainable foreign direct investment (FDI) to Sri Lanka. A virtual round table titled “Investment Facilitation for Development: How Asian and Pacific Economies will Benefit” was held on 19 May in Bangkok, Thailand, jointly implemented by the International Trade…
Reuters – Sri Lanka seeks to secure around $5 billion in funding this year to cover repayments for fuel imports and other items bought through credit lines, and another $1 billion to bolster its foreign reserves, the prime minister’s office said on Thursday. The island nation is grappling with its worst financial crisis in over…
Sri Lanka’s palm oil industry is a relatively small one, but it is in a position to have a larger positive impact on the economic future of our country. Palm oil is one of the most productive and lucrative cash crops available anywhere in the world, and the industry has helped uplift millions of people…
The proposal to develop an industrial harbour in Trincomalee is a long-standing plan to monetise land that belongs to the Sri Lanka Port Authority, by getting foreign and local investment for a special economic zone, an industrial park, or an energy hub. Indian Express – Sri Lanka’s announcement that it plans to develop Trincomalee as…
PVH, parent of Tommy Hilfiger, is Teejay Lanka’s top customer Company benefits as production shifts from China due to Covid Bloomberg – Knit fabric manufacturer Teejay Lanka Plc, whose customers include Nike and Uniqlo, is seeing demand pick up as production shifts from China because of Covid lock downs in that country. The company, which…
Sri Lanka in talks for its 17th programme with the IMF EFF programme has been discussed with the IMF staff Reuters – Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least $3 billion via the lender’s extended fund facility (EFF), sources familiar with the matter told Reuters. The island…
The Ceylon Association of Shipping Agents (CASA) today donated 100 bicycles to the Sri Lanka Ports Authority (SLPA) for the use of port users to achieve the goal of turning the Port of Colombo into a green port. Ms. Shehara de Silva, Chairperson of the CASA, presented the 100 bicycles to the Chairman of the…
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