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IFC reaffirms commitment to Sri Lanka amid plans to increase investments

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IFC’s Vice President for Risk Mohamed Gouled, Country Officer for IFC Sri Lanka and Maldives Victor Antonypillai, World Bank Country Director for Sri Lanka, Maldives and Nepal Faris Hadad-Zervos, Regional Director for South Asia Hector Gomez Ang, Country Manager for Sri Lanka and the Maldives Lisa Kaestner, IFC Regional Vice President for Asia and the Pacific Alfonso Garcia Mora, President Gotabaya Rajapaksa; Secretary to President Gamini Senarath, Principal  Advisor to the President Lalith Weeratunga, Secretary/Ministry of Finance S.R. Attygalle and Director General/External Resources Department Ajith Abeysekera at the meeting 

International Finance Corporation Regional Vice President for Asia and the Pacific Alfonso Garcia Mora has said that IFC aims to boost its investments in Sri Lanka, with a focus on supporting private sector job creation, paving the way for robust investments to help spur the country’s recovery and future growth, it said.

The comments by IFC Regional Vice President for Asia and the Pacific Alfonso Garcia Mora, came at the end of a three-day visit to Sri Lanka, which included a meeting with the President Gotabaya Rajapaksa, Finance Minister Basil Rajapaksa, government officials, including Central Bank Governor Ajith Nivard Cabraal, private sector representatives, entrepreneurs, and development partners.

Garcia Mora was accompanied by IFC’s Vice President for Risk Mohamed Gouled, Regional Director for South Asia Hector Gomez Ang and the new Country Manager for Sri Lanka and the Maldives Lisa Kaestner, as well as the World Bank Country Director for Sri Lanka, Maldives and Nepal Faris Hadad-Zervos.

“In my meeting with the President, we discussed the need to have a sound macro fiscal stability to attract foreign capital and provide medium- and long-term certainty,” Garcia Mora said. “The talks also focused on ways to maximise the potential of the country’s private sector to help address Sri Lanka’s challenges and achieve the inclusive growth the country needs.”

“We are committed to Sri Lanka,” Garcia Mora said. “This is demonstrated by our investment commitments in the past six months which have targeted export-oriented industries. Since the onset of the pandemic, IFC has also played a strong counter cyclical role in its financing and will continue to build on that program going forward.”

During his meetings, Garcia Mora highlighted IFC’s investment of $ 450 million during the first 18 months of the pandemic in Sri Lanka as a sign of IFC’s steadfast commitment to the country.

“We are working with the private sector in the country to create a robust investment pipeline and this can be accelerated with additional reforms in the infrastructure sector, allowing the private sector to play a bigger role,” Garcia Mora said. “IFC intends to invest a further $ 150 million during the current fiscal year ending in June 2022. Over the next five years, IFC is looking at an investment pipeline of more than $ 800 million, specifically in supporting growth-enabling sustainable infrastructure.”

IFC’s efforts will focus around three strategic pillars in Sri Lanka: supporting innovation for growth, including export diversification, start-ups, niche market agriculture and value additions for export, high tech manufacturing; growth-enabling sustainable infrastructure, including low-cost clean energy, sustainable transport and logistics systems; and deepening social and financial inclusion, including digitisation, economic participation of underserved people, especially women.

While in Colombo, Garcia Mora also signed a cooperation agreement with John Keells Holdings (JKH) to develop a commercially viable and sustainable street market in Colombo 2, which will also promote women’s participation in hospitality and tourism. The officials also had the opportunity to meet clients and partners of the Women in Work program – IFC’s largest, standalone country-based gender program designed to close gender gaps in Sri Lanka’s private sector.

Since the beginning of the pandemic, IFC has invested $ 450 million in Sri Lanka, including $ 175 million in JKH to boost retail and tourism – IFC’s largest investment in Sri Lanka over its 50-year operations. As part of the overall pandemic response, IFC injected $ 50 million in Commercial Bank of Ceylon and $ 25 million in Nations Trust Bank to help small businesses stay afloat during the height of the pandemic.

IFC’s strategy also focused on expanding export diversification, promoting sustainability and inclusive growth. Last year, IFC piloted a new digital health program – DigiHealth – to boost access to affordable and quality health-care services in Sri Lanka and beyond.

In October, IFC also issued its first-ever rupee-denominated bond in the country – the ‘Serendib Bond’ – to ensure that the private-sector has access to long-term offshore financing in local currency.



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Prime Minister highlights the importance of recognising Women’s Unpaid Care Work

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Prime Minister Dr Harini Amarasuriya participated in the International Women’s Day Flagship Event hosted by the Asian Development Bank (ADB) on 10 March at the ADB Headquarters in Manila, Philippines. The event brought together senior ADB leadership, representatives of the diplomatic community, and development partners to mark International Women’s Day and to reaffirm global commitments to gender equality.

Delivering the keynote address, the Prime Minister highlighted the critical role of education in empowering women and girls, emphasising that equitable access to quality education remains one of the most powerful tools for achieving social and economic transformation. She underscored Sri Lanka’s longstanding commitment to education and noted the importance of strengthening inclusive learning systems that enable women to fully participate in national development.

The Prime Minister also drew attention to the significant contribution of women’s unpaid care work, noting that it remains largely unrecognised despite its vital role in sustaining families, communities, and national economies. She emphasised the need for policies and social protection mechanisms that acknowledge and support care work, thereby enabling women to participate more fully in economic life.

Addressing broader structural challenges, the Prime Minister stressed the importance of increasing women’s participation in political decision-making and the labour force, noting that inclusive governance and economic participation are essential for sustainable and equitable development.

She highlighted the need for continued collaboration between governments, international institutions, and development partners to remove barriers that limit women’s opportunities.

During the event, Prime Minister was honoured with the Shireen Lateef Women’s Leadership Award in recognition of her commitment to advancing women’s leadership and empowerment.

The event was opened by the President of the Asian Development Bank and senior ADB leadership, followed by a high-level discussion on advancing gender equality across the region. The Prime Minister’s participation reaffirmed Sri Lanka’s commitment to strengthening partnerships with international institutions to promote women’s empowerment and gender-responsive development policies.

(Prime Minister’s Media Division)

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CEBEU warns of operational disruptions amid uncertainty over CEB restructuring

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The Ceylon Electricity Board Engineers’ Union (CEBEU) yesterday warned that uncertainty surrounding the ongoing restructuring of the Ceylon Electricity Board (CEB) had forced many employees to refrain from performing their regular duties, raising concerns about potential disruptions to electricity sector operations.

The engineers’ union said the current situation had arisen due to what it described as either deliberate actions or extreme negligence in implementing the restructuring process, which has created significant confusion among staff who previously served under the CEB.

According to the union, although the state power utility has been formally restructured and new companies established, a large majority of former CEB employees have yet to receive official appointment letters, confirming their positions in the newly formed entities.

“The reality is that the institution, previously known as the Ceylon Electricity Board, no longer exists in its earlier form, yet most employees, who served under it, have not been issued proper appointment letters, or related documentation, assigning them to the newly established companies,” the CEBEU said.

The union said that while some workers had been issued “assignation letters”, those documents merely indicate the institution to which an employee has been attached and do not clearly define employment conditions, responsibilities, authority, or reporting structures.

“As a result, employees currently lack the necessary legal framework confirming their employment status, their duties, the authority under which they operate, and who they are accountable to within the new institutions,” the CEBEU said.

The engineers’ union emphasised that the current crisis was not created by employees but was the direct result of, what it called, shortsighted and questionable actions taken by those responsible for implementing the reforms.

It also expressed concern that the relevant Minister, appointed through the National List, had failed to hold meaningful discussions with employees, despite having previously advocated strongly for workers’ rights.

The union said trade union action had been launched only after months of unsuccessful attempts to resolve the issues through verbal requests and written communication with the authorities.

“Despite repeated appeals made over several months, there has been no satisfactory response. Decisions appear to have been taken under the assumption that a government with a strong mandate can proceed without proper consultation,” the union said.

However, the CEBEU stressed that employees engaged in essential operations—including power generation, transmission, and distribution—continue to work in order to ensure electricity supply to the public.

“These staff members are continuing their duties under considerable risk to prevent major disruptions to the electricity supply,” the union noted.

Nevertheless, the union warned that the prevailing uncertainty could affect certain operational activities, and restoration work following breakdowns may take longer than usual.

The CEBEU appealed to the public to understand the situation and expressed regret for any inconvenience that may arise.

“We request the public to understand the situation and cooperate with us during this difficult period. We sincerely regret any inconvenience that may be caused,” the union added.

By Ifham Nizam

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Remittances up compared to last year before outbreak of war, but the economic picture is not rosy

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Sri Lanka Bureau of Foreign Employment (SLBFE) yesterday said that foreign remittances, during January and February this year, had been 32% higher than the corresponding period in the previous year.

According to a press release issued by the SLBFE, Sri Lanka received Rs 1,480.1 mn during January and February this year, whereas in 2025 the country received Rs1,121 mn during the corresponding period. During the first two months of this year, 47,819 Sri Lankans had left the country for employment abroad.

However, Prof. Priyanga Dunusinghe has warned that Sri Lanka could face a catastrophic situation due to a rapid and sharp drop in revenue caused by the escalating Gulf war. Fighting erupted on February 28 following a joint US-Israel attacks on Iran.

Appearing on Derana ‘Big Focus’ on Monday, the Professor in Economics in the Department of Economics, and Head – Department of Information Technology, University of Colombo, Dunusinghe said that that the drop in remittances from the Middle East, as well as exports, should be examined against the backdrop of runaway oil prices.

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