Business
AFC raises LKR 1 bn in subordinate debt to strengthen the Tier II Capital
Alliance Finance Co PLC (AFC) has successfully raised LKR 1 billion in Tier II capital, with the aim of strengthening the regulatory capital of the Company to financially empower and facilitate the development of the Micro, Small and Medium enterprise sector in Sri Lanka. The Tier II Subordinated Debt has a tenure of 5 years and has been structured and arranged by Capital Alliance Ltd (CAL), a leading investment bank in the country.
Commenting on this important milestone, Mr Romani de Silva, Deputy Chairman and Managing Director of AFC stated that “This is a reflection of the confidence our investors have in our sustainable business philosophy. Due to the covid 19 pandemic, Sri Lankan micro, small & medium entrepreneurs need more support than ever before and raising of LKR 1 Bn as Subordinate Debt strengthened our Tier II capital which gives us an enormous capacity to develop micro, small and medium scale entrepreneurs of Sri Lanka using our proven business models. Furthermore, we extend our sincere appreciation for the investor, (CAL) for the trust placed in us. Subsequent to an internal restructure with the technical assistance of IFC (private sector arm of the World Bank Group) in 2019,all of the performance metrics of the Company have improved tremendously outperforming its peers in the industry with a Loan book growth of 1.6% ,Profit growth of 169 % and a highly commendable reduction in NPL’s by 23 % for the financial year ended 2020/21, validating the impact of the restructure. As the oldest finance company in Sri Lanka and as a net lender to the rural economy, AFC is focussing on financial inclusivity and sustainable development of all communities.”.
AFC’s approach to sustainability is holistic and goes beyond economic empowerment with an equal emphasis placed upon social and environmental sustainability as well. AFC has institutionalised the values of its founding fathers by adopting the Triple Bottom Line Approach in 2012, followed by numerous other actions to become the sustainable financial institution it is today. In 2020, AFC became the first financial institution in South Asia to be certified for holistic sustainability under the pioneering Sustainability Standards and Certification Initiative (SSCI). SSCI is governed under the International Council of Sustainability Standards for Value-Driven Financial Institutions, Germany. This has resulted in an even greater focus on this unwavering commitment of the Company and better measurements of the impact created.
AFC is also amongst the highest contributors of net profits towards sustainability initiatives in the industry. The Company has dedicated an annual allocation of 4% of profits for sustainability and CSR initiatives. The Company has many initiatives including the “1 Mn trees for Unity” flagship project that aims to plant one million trees by 2024 whilst meeting social and environmental objectives. To date the Company has contributed over 350,000 plants to the nation. In addition, conserving biodiversity, empowering social entrepreneurs, promoting sustainable products and undertaking CSR practices that ensure social and environmental wellbeing remain as AFC’s key priorities under its sustainability mandate.
The AFC business powered by a dynamic and empowered young team of 1300 visionary individuals will continue to support the global and local sustainable development agenda, with its high impact goals in place to ensure focused value creation in line with the UN SDG’s and National Development Agenda. AFC believes that synergistic partnerships with its foreign financing partners such as IFC, FMO, DWM, Tridos Bank and other impact investors will add further value to its approach and facilitate value distribution to a wider range of stakeholders in the country. AFC is eager to uphold these partnerships and collaborations that facilitate sustainable development in Sri Lanka and have confidence that they will undoubtedly accelerate its journey of “making the world a better place through sustainable finance”.
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
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