Energy Security to the Nation The Ceylon Petroleum Corporation (CPC) signed a Memorandum of Understanding with the Hambantota International Port Group (HIPG), last week to develop Hambantota Port as a strategic energy center in Sri Lanka. The signing ceremony was held at the Ministry of Energy, with top officials of CPC and HIPG participating. A…
The COVID-19 crisis can be an opportunity for Sri Lanka to push forward policies that will enable the country to build back better with stronger measures to attract much-needed Foreign Direct Investment (FDI). Faris Hadad-Zervos, World Bank Country Director for Sri Lanka, Nepal and Maldives speaking during a panel discussion at the virtual Sri Lanka Investment…
The International Fund for Agricultural Development (IFAD) together with the Government of Sri Lanka last week signed a financial agreement to launch the Smallholder Agribusiness and Resilience Project (SARP). The project aims to address the impacts of climate change on about 40,000 smallholder families, building their resilience and promoting agriculture commercialisation. Improving rural livelihoods, boosting…
Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. KEY RATING DRIVERS Sri Lanka’s ‘CCC’ rating reflects a challenging foreign-currency sovereign external debt repayment burden over the medium term, low foreign-exchange reserves and high and rising government debt that gives rise to sustainability risks. External liquidity pressures have eased somewhat…
Highest quarterly earnings in the history of the CSE, Surpassing the LKR 100bn Milestone. Growth continued strong as the country gradually renewed functionality despite COVID-19 Earnings grew 462% since the 1st wave of Covid-19 in 2Q 2020 Multiple based valuations down, as earnings soared 189% YoY The CSE witnessed another landmark, as reported earnings crossed the…
Group records annual loss of AED 22.1 billion (US$ 6.0 billion) due to COVID-19 pandemic impact, its first non-profitable year in over three decades Group revenue of AED 35.6 billion (US$ 9.7 billion) impacted by worldwide travel restrictions and border closures during the entire financial year Results impacted by one-time impairment charges of AED 1.5 billion…
Consumers in Sri Lanka are set to benefit from a new $5 million investment by IFC to Sunshine Consumer Lanka Ltd, a subsidiary of Sunshine Holdings PLC (Group), with a greater number of food products on offer and moves to adopt international food safety standards. The move marks IFC’s first local currency investment in Sri…
SPAR International, in a statement, says that three-quarters of the Sri Lankan goods that were exported recently to SPAR Oman under the initiative by the Sri Lankan Embassy in Oman, have been sold after just fifteen days highlighting the demand and success of this initiative. The statement also states that SPAR Oman had added 78…
Sri Lanka’s leading private sector bank HNB PLC, disbursed over Rs. 1 billion to entrepreneurs in the agricultural sector through its recently launched Micro Leasing facility, offering Micro, Medium and Small Enterprises (MSMEs) a myriad of benefits and opportunities. Working in line with Central Bank of Sri Lanka (CBSL) directives to support and strengthen Sri…
Standard Chartered Sri Lanka has successfully financed the import of 4 million COVID-19 vaccine doses for the State Pharmaceuticals Corporation by facilitating a trade loan to the Bank of Ceylon and People’s Bank, the Bank announced recently. In efforts to expedite the nation’s vaccination programme during the latest wave of the COVID-19 pandemic, Standard Chartered…
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