Business
ComBank to boost WSME, Agri SME financing with IFC’s US$ 60Mn. Risk Sharing Facility
Reinforcing its position as Sri Lanka’s largest lender to small and medium enterprises (SMEs), the Commercial Bank of Ceylon has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to significantly expand the Bank’s capacity to lend SMEs nationwide.
Under this partnership, IFC will provide risk cover for a US$60 million (equivalent to over Rs. 18.5 billion) portfolio of new SME loans issued by Commercial Bank. By assuming 50% of the credit risk, this facility empowers the Bank to sustainably scale its lending capacity and solidify its standing as Sri Lanka’s premier SME lender. This agreement comes at a time when Sri Lanka is consolidating recovery and capitalising on emerging growth opportunities across key sectors.
The Risk Sharing Facility (RSF) will prioritise women-led enterprises and agri-businesses. This targeted approach directly promotes financial inclusion while strengthening productive sectors essential to Sri Lanka’s long-term resilience and economic expansion, the Bank said.
Supported by the IDA Private Sector Window Blended Finance Facility, through the Small Loan Guarantee Program (SLGP), the Facility further enables the Bank to adopt a more flexible approach to credit assessment. By prioritising long-term business potential where traditional security might otherwise be a constraint, Commercial Bank can now extend vital funding to segments that have historically faced barriers to finance. Beyond expanding the Bank’s immediate lending headroom, this initiative is expected to catalyse broader market development by encouraging other financial institutions to enhance their own SME portfolios.
Commenting on the collaboration, Sanath Manatunge, Managing Director/CEO of Commercial Bank said: “This risk sharing facility with IFC represents a powerful vote of confidence in Commercial Bank’s long-standing commitment to Sri Lanka’s SME sector. As the country navigates post-crisis recovery, sustained access to credit is essential for small and medium enterprises to rebuild, adapt and grow. This partnership allows us to expand our lending capacity responsibly, while prioritising customer segments such as WSMEs and Agri Sector that are critical to inclusive and resilient economic growth.”
He added that the initiative is firmly aligned with the Bank’s purpose-driven SME strategy. “For five years running, Commercial Bank has been the largest lender to SMEs in Sri Lanka because we recognise these enterprises as the backbone of the economy. By working with IFC to share risk and unlock new financing, we are strengthening our ability to stand with entrepreneurs who create jobs, sustain communities and drive national development.”
Allen Forlemu, the IFC Regional Industry Director for Financial Institutions Group – Asia and the Pacific said the partnership underscored IFC’s commitment to strengthening access to finance where it matters most. “Real economic progress happens when entrepreneurs have the tools to turn their resources into thriving enterprises. Through this collaboration with the Commercial Bank of Ceylon, we aim to deliver targeted solutions to bridge the financing gap and expand financing capacity for small businesses across Sri Lanka. Our goal is to create a ripple effect: when these businesses succeed, they create jobs, support families, and build a more inclusive future. This latest initiative continues IFC’s more than two-decade partnership with Commercial Bank, advancing SME growth and economic resilience – fully aligned with the World Bank Group’s mission and supporting national development priorities.”
Commercial Bank has been Sri Lanka’s largest lender to Sri Lanka’s SME sector for the past five consecutive years, accounting for more than 30 per cent of total SME lending by the banking industry in 2024, according to Ministry of Finance data. This new facility builds directly on that leadership, allowing the Bank to further deepen its reach and impact among SMEs that play a vital role in employment generation, domestic production and economic resilience.
The collaboration also reflects a long-standing strategic partnership between Commercial Bank and IFC that dates back more than two decades. Over the years, IFC has supported the Bank’s growth through equity investments, funding and advisory services, with a shared focus on SME development, women’s economic empowerment, sustainable finance, digitalisation and economic resilience.
By building on its deep institutional partnership with IFC, Commercial Bank continues to reinforce its leadership in SME financing, combining scale, innovation and development-focused collaboration to support enterprises across Sri Lanka as they recover, expand and contribute to sustainable economic growth.Commercial Bank is the first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn., and was also the first bank in the country to be listed among the Top 1000 Banks of the World.
Business
Lanka’s largest solar park set to transform energy landscape and local economy in Hambantota
A new era in Sri Lanka’s renewable energy is unfolding in the Gonnoruwa Division of Hambantota District, where construction has begun on the country’s largest solar power park. Spanning 450 acres and designed to generate 150 megawatts (MW) of electricity, the US$150 million private-sector-led project is poised to become a cornerstone of the nation’s sustainable energy ambitions.
Officials say the solar park, guided by the Sustainable Energy Authority and the Mahaweli Authority, will make its first contribution to the national grid by the end of this year, with full capacity expected by 2026. Once completed, the facility will rank among Sri Lanka’s largest renewable energy installations, second only to the 210 MW Victoria Dam and the 150 MW Upper Kotmale hydropower project.
The initiative is being framed as a strategic response to recurring power cuts in the Southern Province during annual drought periods. With a projected 20% contribution to the country’s daytime electricity demand, the solar park is expected to significantly stabilize the grid, reduce reliance on fossil fuels, and contribute to the country’s renewable energy targets.
Project Engineer Thilanka Bandara confirmed that preliminary land preparation and boundary works have been completed, with 50 MW already feeding into the national grid. The investment, fully funded through foreign direct investment, local bank loans, and equity capital, requires no government funding. Two private firms are sharing the development, contributing 70 MW and 80 MW respectively.
Bandara highlighted a unique feature of the project: the transmission infrastructure, estimated at US$16 million, is entirely financed by the investors, marking a departure from conventional grid-connected projects. The park will also employ state-of-the-art ground-mounted solar technology, considered the most advanced currently deployed in Sri Lanka.
In a first for Sri Lanka, the solar panels will be installed five feet above the ground, allowing partial-shade crops to be cultivated underneath. Technical Officer Sithmina Bandara explained that this setup will enable the cultivation of food plants such as mushrooms, which thrive in shaded conditions, creating a model for integrated solar-agriculture systems. Agricultural experts have already provided guidance on implementing this initiative, which combines energy production with local food security.
The project is expected to generate 750 to 1,000 direct and indirect jobs, with 400–500 already employed in the initial phase. Long-term maintenance work will provide further employment opportunities, offering a substantial economic boost to the Hambantota region. Environmental management measures are also in place to prevent elephants from entering nearby villages, ensuring harmony between development and wildlife.
All necessary approvals and permits were obtained by February 2025, aligning the project with the Ceylon Electricity Board’s national generation plan. Officials confirmed that upon completion, the total output of the Solar Energy Park will rise to 200 MW, combining existing installations with the new 150 MW facility.
Experts say the Hambantota solar park represents more than just a power generation project. Its innovative design, private-sector financing, and integrated agricultural approach position it as a template for future renewable energy projects in Sri Lanka, reflecting a new model of sustainable development that balances energy, economy, and environment.
By Sirimanta Ratnasekera
Business
ESU Kandy clinches dominant victory at ‘Battle of Esoftians’
The Battle of Esoftians, an annual cricket encounter organized by ESOFT Uni Kandy, concluded with a spectacular display of cricketing prowess as the Kandy team secured a massive 245-run victory over ESOFT Metro Campus, Kurunegala. The match was held on the 15th at the University of Peradeniya Grounds.
Winning the toss and electing to bat first, the ESOFT Uni Kandy batsmen dominated the field from the outset. They showcased an explosive batting performance, posting a formidable total of 280 runs for the loss of 5 wickets in their allotted 20 overs.
In response, the Kurunegala ESOFT Metro team struggled against a disciplined bowling attack. The Kandy bowlers dismantled the opposition’s batting lineup, bowling them all out for a mere 35 runs, sealing a historic win for the Kandy campus.
The event was graced by the presence of key officials from the ESOFT management: Amila Bandara – Chief Operating Officer (ESOFT Uni), Dimuthu Thammitage – General Manager (Central Region), Lakpriya Weerasinghe – Deputy General Manager, ?Lahiru Diyalagoda
Centre Manager-Degree Division, ESOFT Metro Campus Kurunegala and Dushantha Sandaruwan – Master in Charge (ESU Kandy Cricket Club)
Team Lineups
ESOFT Uni Kandy (Winners)
Chamath Ekanayake (Captain), Dinuka Tennakoon (Vice Captain), Dushantha Sandaruwan (MIC), Chalitha Rathnayake, Pulasthi Bandara, Isuru Dehigama, Kesara Nuragoda, Aadhil Sherif, Isuru Pannala, Achintha Medawatta, Ahamed Shukri, Gowtham Hari Dharshan, Danushka Sahan, Eranda Bandara, and Damith Dissanayake.
ESOFT Metro Campus Kurunegala (Runners-up)
Adeesha Samarasekara, Savishan Madusha, Lahiru Diyalagoda, Hirun Damayantha, Naveen Madushanka, Daham Pothuwewa, Senuda Thewnaka, M.R. Abdulla, Arunodya Dasun, Mohamad Afri, Desith Perera, Lasitha Ranawaka, Anton Dilon, Shenuka Thirantha, and Kavindu Bandara.
Text and Pix By S.K. Samaranayake
Business
HNB joins Royal–Thomian “Battle of the Blues” as official banking partner
HNB PLC, Sri Lanka’s leading private sector bank, has joined as the Official Banking Partner for the 147th edition of the historic “Battle of the Blues,” the Royal–Thomian cricket encounter between Royal College, Colombo, and S. Thomas’ College, Mt. Lavinia. Commenting on the partnership, HNB’s Managing Director/CEO Damith Pallewatte highlighted the bank’s long-standing connection with cricket, including sponsorship of Sri Lanka’s first Test match against England in 1982, and emphasized HNB’s commitment to nurturing young talent and promoting school cricket. The three-day clash for the Rt. Hon. D. S. Senanayake Memorial Shield will take place from March 12–14 at the SSC Grounds, with the Mustangs Trophy one-day match following on March 28 under lights. HNB’s inaugural involvement marks a milestone in the bank’s sports marketing journey, strengthening its role in the school cricket ecosystem. The bank will enhance the spectator experience by introducing digital and cashless banking solutions, modernizing the event while preserving its rich heritage and sporting tradition.
-
Business6 days agoMinistry of Brands to launch Sri Lanka’s first off-price retail destination
-
Latest News1 day agoNew Zealand meet familiar opponents Pakistan at spin-friendly Premadasa
-
Latest News1 day agoTariffs ruling is major blow to Trump’s second-term agenda
-
Latest News2 days agoECB push back at Pakistan ‘shadow-ban’ reports ahead of Hundred auction
-
Features6 days agoGiants in our backyard: Why Sri Lanka’s Blue Whales matter to the world
-
Sports3 days agoOld and new at the SSC, just like Pakistan
-
News5 days agoIMF MD here
-
Business5 days agoGreen Minds: A new platform to rethink environmental governance in Sri Lanka

