Business
ADB names ComBank its ‘Leading Partner Bank’ in Sri Lanka for 3rd year
Recognises Bank for highest number of transactions in country’s trade and supply chain finance domain between 1 July 2022 and 30 June 2023
The Commercial Bank of Ceylon has once again been declared the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank’ in Sri Lanka for trade and finance transactions, in a significant reaffirmation of the Bank’s contributions in that sphere to the national economy.
This is the third consecutive year that Commercial Bank has been honoured with this title at the ADB Trade and Supply Chain Finance Programme (TSCFP) Awards that recognise the contributions of leading partner banks to trade in Asia and the Pacific. The 2023 awards ceremony took place in Singapore at Jen Singapore Tanglin by Shangri-La.
The award was presented to Commercial Bank for recording, with the ADB’s assistance, the highest number of transactions in Sri Lanka’s trade and supply chain finance domain between 1st July 2022 and 30th June 2023. Commercial Bank was among 25 banks that were recognised in 15 categories at the ADB TSCFP Awards ceremony.
Commenting on this latest accolade, Commercial Bank’s Assistant General Manager – Corporate Banking Mr B. A. H. S. Preena said: “Commercial Bank is among the biggest facilitators of trade in Sri Lanka, offering the tools, techniques and instruments that help protect both buyers and sellers from trade-related risks and making it easier for businesses to transact with one another. This award is an important endorsement of this role we play.”
Commercial Bank’s partnership with the ADB contributes to the growth of the Bank’s trade finance portfolio via increased credit lines, expanded relationships with correspondent banks, reduced cash collateral requirements, enhanced ability to maintain or attract new clients, critical support during times of crisis, low-risk access to new and challenging markets, expanded geographic coverage to service export clients and the ability to leverage existing country line and issuing bank limits, the Bank said.
Commercial Bank is the largest private sector bank is Sri Lanka and channels more than 18% of the country’s export volumes and over 11 % of import volumes. The Bank’s robust relationship with the Trade clientele that routed trade transactions through the Bank, contributed towards winning the ADB award. Additionally, Commercial Bank’s global banking network that enabled it to deliver trade instruments to any destination and offer innovative trade solutions, the expertise of trade staff, its tech solutions in processing trade transactions, commitment to improving trade service standards, resilience in the face of the current financial crisis and the Bank’s financial stability were all factors considered for the accolade.
The Bank said products and services such as documentary credit, issuing of letters of guarantee, providing expert advice on forward exchange contracts, document collection, providing shipping guarantees, marine insurance, and advance payments, and assistance with entrepot trade shipments among others, have strengthened its performance in the trade and supply chain finance sphere. The Bank also recently launched ‘Combank Trade Club’ as an ecosystem to stimulate business growth for the Banks’ trade customers and ‘Combank LEAP GlobalLinker’ – a comprehensive digital business ecosystem set up in collaboration with the IFC and Global Linker to expand networking opportunities for trade customers.
The Asian Development Bank’s Trade and Supply Chain Finance Programme Awards are some of the most prestigious accolades in the banking and financial industry in Asia, presented to institutions that work passionately to foster economic growth through sustainability measures. The Awards recognise outstanding contributions of TSCFP partner banks that boost trade and supply chain finance in Asia and the Pacific. The TSCFP fills market gaps for trade finance by providing guarantees and loans to banks to support trade. Backed by its AAA credit rating, the programme works with partner banks to provide companies with the financial support they need to engage in import and export activities in Asia’s most challenging markets. TSCFP works with over 200 international banks from more than 90 countries around the world.
Sri Lanka’s first 100% carbon neutral bank and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Business
Sri Lanka eyes India grid link as ADB pushes Pan-Asia energy integration
Sri Lanka’s long-discussed electricity grid connection with India is gaining renewed momentum, as the Asian Development Bank (ADB) intensifies efforts to promote cross-border energy integration across the region.
At the ADB Annual Meetings in Samarkand, Senior Director for Energy, Priyantha Wijayatunga, identified the proposed India–Sri Lanka grid interconnection as the most promising avenue to strengthen the island’s power sector. The concept dates back to the 1970s, when Sri Lanka, following the completion of the Mahaweli Development Project, even explored the possibility of exporting electricity. However, rapid economic growth and rising domestic demand shifted the country toward energy imports.
Today, with energy security and cost pressures mounting, the idea has regained urgency. “The time is right,” Wijayatunga said, stressing that political will and financing will be decisive. While undersea transmission cables make the link technically viable, costs remain a major challenge. The ADB, he confirmed, stands ready to support Sri Lanka as a development partner in advancing the project.
Sri Lanka’s prospects are closely tied to a broader regional vision being advanced by the ADB through its Pan-Asia Power Grid Initiative (PAGI). The initiative aims to transform how energy is produced, shared, and consumed across Asia and the Pacific by promoting cross-border electricity trade and grid connectivity.
PAGI is designed not merely as a collection of projects, but as a systems-level integration platform that connects national grids into subregional and eventually continent-wide networks. Its core objectives include bridging energy gaps, enhancing energy security, integrating large-scale renewable energy, and strengthening resilience across interconnected systems.
A key pillar of PAGI is leveraging the region’s resource complementarity. Countries in South Asia, for instance, possess uneven but highly complementary energy resources—hydropower in Nepal and Bhutan, and solar and wind potential in India. By linking grids, countries like Sri Lanka could tap into these diverse energy sources, reducing dependence on costly fossil fuel imports while improving reliability.
ADB estimates suggest that deeper regional power trade in South Asia could yield substantial economic benefits, including lower system costs and more efficient energy distribution. The initiative also envisions mobilizing up to $50 billion in investments by 2035, expanding transmission infrastructure, and improving electricity access for millions.
For Sri Lanka, integration into such a regional grid could be transformative. A connection with India would allow the country to import affordable electricity during shortages, stabilize supply, and support its transition toward cleaner energy. It could also open the door to future participation in a wider South Asian power market.
With feasibility studies and policy discussions already underway, and with ADB backing firmly in place, Sri Lanka’s long-envisioned grid connection with India now appears more achievable than ever.
As the Samarkand meetings underscore the urgency of regional cooperation in an increasingly uncertain energy landscape, Sri Lanka stands at the threshold of a new chapter—one where energy security is strengthened not in isolation, but through connection.
by Sanath Nanayakkare in Samarkand, Uzbekistan
Business
Oceans in crisis: Sri Lanka hosts ‘Sharks International 2026’ amid stark warnings
Sri Lanka this week finds itself at the centre of a deepening global ocean crisis, as leading scientists, policymakers and conservationists gather in Colombo for Sharks International 2026—a high-profile summit unfolding against mounting evidence that the world is rapidly losing control of its marine ecosystems.
The conference, now underway at the Bandaranaike Memorial International Conference Hall, marks the first time the prestigious forum has been hosted in Sri Lanka. But beneath the diplomatic language and scientific exchanges lies a far more urgent reality: the collapse of shark and ray populations is no longer a distant environmental concern—it is an unfolding economic and food security emergency.
More than 100 million sharks and rays are being wiped out globally each year, largely due to overfishing and illegal, unreported and unregulated (IUU) fishing. In Sri Lanka, the situation is particularly acute. Of the 105 species recorded in local waters, nearly 70 are now threatened with extinction, a statistic that scientists warn should set off alarm bells far beyond conservation circles.
Deputy Minister of Environment Anton Jayakody did not mince words when addressing the gathering, framing the issue not just as an ecological tragedy but as a looming economic shock.
“This is not just about saving species. It is about protecting the foundation of our fisheries, our food systems, and the livelihoods of thousands of Sri Lankans. If shark and ray populations collapse, the consequences will ripple through the entire marine economy,” he said.
Sharks and rays sit at the top of the ocean food chain. Their disappearance disrupts the delicate balance of marine ecosystems, triggering cascading effects that can decimate commercially valuable fish stocks. For a country like Sri Lanka—where coastal communities depend heavily on fisheries—this is not an abstract threat but a direct challenge to economic stability.
Yet despite years of warnings, critics argue that global action has been dangerously slow, fragmented, and often undermined by competing commercial interests.
By Ifham Nizam
Business
SriLankan Airlines leads with two category wins in South Asia at PAX Awards
SriLankan Airlines led with two wins in the Airline Award category for South Asia, securing both Best Overall Passenger Experience and Most Improved Airline at the PAX International Readership Awards 2026 held recently in Hamburg, Germany. The awards celebrate the industry’s best and brightest, with winners determined by votes from PAX’s global readership.
The Best Overall Passenger Experience – South Asia award recognises an airline that delivers an exceptional onboard experience to passengers across multiple service areas, including meal service, inflight entertainment and seating. At SriLankan Airlines, this entails meticulous planning at every stage of the passenger journey, supported by collaboration among multiple teams and continuous monitoring and refinement.
Maria Sathasivam, Manager Product Development of SriLankan Airlines, commented on the achievement, stating, “we are incredibly honoured to receive yet another independent endorsement of the service we deliver. Every interaction matters to us, and we are committed to consistently meeting and exceeding passenger expectations, and it is truly rewarding to see these efforts recognised.”
SriLankan Airlines continues to enhance the end-to-end travel experience, from booking through to arrival. Ongoing digital upgrades, including improvements to the airline’s website and app, are designed to deliver a more intuitive and seamless customer experience, supported by AI-driven features and expanded ancillary offerings. At its hub, the Bandaranaike International Airport in Colombo, the airline has also expanded self-check-in and bag drop facilities for added convenience.
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