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Driving sustainable investment: The crucial role of sustainable finance and private capital for Sri Lanka
Sri Lanka stands at a critical juncture, seeking avenues for sustainable development while positioning itself as a responsible global player. In this pursuit, sustainable finance and private capital have emerged as a transformative force, offering a unique opportunity to address pressing environmental and social challenges while driving economic growth. By integrating sustainability principles into its financial systems and attracting private investments, Sri Lanka can unlock new avenues of investment, attract international capital, and create a resilient and inclusive economy.
The Sri Lanka SDG Investor Map, developed by the United Nations Development Programme (UNDP) through the strong collaboration of the Sustainable Development Council of Sri Lanka and the Board of Investment (BOI), provides tangible market intelligence on 15 investment opportunity areas across 5 key sectors that support Sri Lanka’s advancement towards the Sustainable Development Goals (SDGs). The 5 sectors – Healthcare, Renewable Energy, Food & Beverages, Consumer Goods, and Infrastructure – can attract private sector investment and mobilize global private capital towards SDG-aligned investments.
As a follow-up to the launch of the SDG Investor Map, a series of collaborative sector deep dive workshops were convened, aligned to the key Investment Opportunity Areas identified through the Map, engaging a broad group of private sector representatives, investors, policy makers and development partners.
Based on these consultations, a report highlighting ‘Sector insights, challenges and opportunities for mobilizing private capital towards SDG aligned investment opportunity areas’ was launched recently, with the participation of the State Minister of Finance Shehan Semasinghe; the Director Generals of the Sustainable Development Council and BOI; other Government officials and development partner representatives.
Highlighting the ambition and Plans of the Government of Sri Lanka on relevant policy reforms, Minister Shehan Semasinghe, State Minister of Finance stated that “We are committed to creating a favorable investment climate through regulatory reforms, and attract foreign, and local investments, and facilitate investment opportunities that will generate, positive, social, and environmental impacts, to ensure financial returns. We will improve fiscal transparency, public financial management, introduce a stronger anti-corruption legal framework, and our anti-corruption reform will align Sri Lanka’s legal framework with international standards.”
The role of private capital and investment is more important, now more than ever, to support recovery, prevent regression and help re- accelerate towards a sustainable development trajectory for the country.
Setting the Stage for SDG based Investments in Sri Lanka, Chamindry Saparamadu, Director General, Sustainable Development Council of Sri Lanka stated “We must remain steadfast in our ambition to achieve the Sustainable Development Goals (SDGs), but we must also act swiftly, employ intelligent strategies, make wise investments, strengthen global partnerships, and build upon our collective commitment to the SDGs. In this regard, the SDG Investor Platform plays a crucial role by providing investors with critical data, insights, and tools necessary to channel increased capital towards the SDGs. By doing so, it will assist Sri Lanka in unlocking vital financing required to overcome economic challenges and ultimately advance the well-being of both our people and the planet.”
In her remarks at the event, Azusa Kubota, Resident Representative, UNDP in Sri Lanka highlighted “Any investment will bring resources to the country, but we want them to be SDG-aligned to ensure sustainable, inclusive, and green growth for Sri Lanka. We want quality investments that create employment with dignity. Given that the Sri Lanka SDG Investor Map focuses on SDGs to bring in a strong impact narrative alongside commercial returns, there should be a strong emphasis on sustainability at the core underpinning all investment choices.”
Also speaking at the event, Renuka Weerakone, Director General, Sri Lanka Board of Investment noted, “It is our intention to explore and accept green funding opportunities to accelerate sustainable development projects in Sri Lanka. We firmly believe that by harnessing green finance mechanisms and capitalizing on sustainable investment opportunities, we can maximize the positive impact of our endeavors and we request the support and collaboration of UNDP in this regard. We firmly believe that investment and sustainable development are intimately linked, and by embracing this interconnection, we can unlock unprecedented opportunities for growth, innovation, and shared prosperity.”
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CEB engineers raise alarm over power sector stability
A senior electrical engineers attached to the Ceylon Electricity Board (CEB) have warned that unresolved structural and policy issues within the power sector could threaten the long-term stability of the national grid, urging authorities to act swiftly to address mounting technical and administrative concerns.
Speaking on condition of anonymity, they said the electricity network was operating under increasing strain due to delayed infrastructure upgrades, financial constraints, and growing demand.
“The national grid is not something that can be managed casually. It requires systematic planning, preventive maintenance, and timely investment. If these are compromised, the risk to system stability increases,” the engineers said.
They noted that several transmission and substation modernisation projects were behind schedule, while ageing thermal plants continued to shoulder a significant portion of the country’s base load demand.
“Engineers are committed to ensuring an uninterrupted supply. But professional expertise must be respected in decision-making. Technical matters cannot be subjected to short-term political considerations,” the engineers added.
Meanwhile, the powerful Ceylon Electricity Board Engineers’ Union (CEBEU) echoed similar concerns, warning that failure to address long standing professional and structural issues could have serious consequences for the power sector.
In a statement, the CEBEU has said that engineers have repeatedly called for reforms that safeguard the integrity of the utility and ensure that operational decisions remain grounded in technical evaluation.
“The electricity sector is a critical national asset. Any attempt to weaken institutional safeguards or bypass professional consultation will directly impact service reliability and long-term sustainability,” the union said.
The CEBEU has stressed the importance of transparent engagement between policymakers and technical personnel, noting that morale among engineers could be affected if their concerns continue to go unheard.
Industry analysts point out that the power sector plays a central role in Sri Lanka’s economic recovery efforts, particularly as the country seeks to expand industrial activity and attract investment. Stability in electricity supply remains a key determinant of business confidence.
The senior engineer stressed d that the objective of raising concerns is not confrontation but preservation of the grid’s integrity.
“Our responsibility is to the public. Electricity powers hospitals, industries, and homes. Safeguarding the system is a national duty,” he said.
With tensions simmering within the sector, stakeholders say meaningful dialogue between authorities, engineers, and trade unions will be crucial in ensuring that Sri Lanka’s power infrastructure remains resilient in the face of growing challenges.
By Ifham Nizam
News
CB identifies 24 pyramid scams in Sri Lanka
The Central Bank (CBSL) yesterday announced that investigations had identified 24 companies and applications operating prohibited pyramid schemes.
In a public notice issued under Section 83C of the Banking Act, No. 30 of 1988 (as amended), the CBSL said the following entities had been “ascertained and determined as prohibited schemes”: Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Mark–Wo International (Pvt) Ltd, V M L International (Pvt) Ltd, Global Lifestyle Lanka (Pvt) Ltd, Fast3Cycle International (Pvt) Ltd, Sport Chain App / Sport Chain ZS Society Sri Lanka, OnmaxDT, MTFE App / MTFE SL Group / MTFE Success Lanka / MTFE DSCC Group, Fastwin (Pvt) Ltd, Fruugo Online App / Fruugo Online (Pvt) Ltd, Ride to Three Freedom (Pvt) Ltd, Qnet / Questnet, Era Miracle (Pvt) Ltd and Genesis Business School, Ledger Block, Isimaga International (Pvt) Ltd, Beecoin App and Sunbird Foundation, Windex Trading, The Enrich Life (Pvt) Ltd, Smart Win Entrepreneur (Pvt) Ltd, Net Fore International (Pvt) Ltd / Netrrix, Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd, SGO / sgomine.com and I.C.A.N Advertising (Pvt) Ltd and its affiliates icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org
The CBSL said pyramid schemes, also referred to as multi-level marketing or direct selling schemes in certain instances, operate as recruitment-based programmes in which members enlist others into an expanding “downline” structure resembling a chain letter.
Under such arrangements, a portion of the fees paid by new recruits is channelled upwards to earlier participants, known as the “upline”, who are fewer in number.
The Central Bank warned that such schemes are inherently unsustainable, with the vast majority of participants at the lower tiers eventually losing their investments, while only a small number of early entrants are able to recover or profit from the funds contributed by subsequent recruits. It noted that when a pyramid scheme collapses, up to 99 per cent of those in the lower levels risk losing their money.
News
Church urges patience, warns against interference with Easter attacks probe
Director of Communications for the Archdiocese of Colombo, Rev. Fr. Cyril Gamini Fernando, yesterday expressed confidence that ongoing investigations into the 2019 Easter Sunday terror attacks would yield meaningful results and urged the public and all stakeholders to exercise patience and allow the probe to proceed independently.
Addressing a media briefing in Colombo yesterday, Fr. Fernando called on all parties to refrain from interfering with the investigations, warning that any attempt to obstruct the process would amount to a grave injustice to the victims.
He said he believed there was credible evidence to warrant the arrest of military intelligence veteran Maj. Gen. (Retd.) Suresh Sallay.
Referring to the coordinated bombings on April 21, 2019, which targeted churches and hotels and claimed nearly 300 lives, Fr. Fernando described the attacks as a “barbaric” act and a “massacre” that killed worshippers attending Easter services as well as individuals from different religious and ethnic communities.
By Norman Palihawadane
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