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Developing Asia seen as needing US$ 1.7 trillion annually to meet growth targets between 2016 and 2030

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DFCC chairman J. Durairatnam and other dignitaries at the bell-ringing.

By Hiran H.Senewiratne

Country Director, Asian Development Bank (ADB) Takafumi Kadono said that the ADB estimates that developing Asia will require approximately US $ 1.7 trillion annually between 2016 and 2030, to achieve its economic growth targets while tackling climate change challenges.

‘We can use this to help Sri Lanka extricate itself from its economic crisis, set it on a strong, robust development and growth trajectory and build the resilience the country and economy truly need, Kadono said at the DFCC Bank’s issuance of Green Bonds at the CSE office yesterday at the World Trade Center. A bell- ringing ceremony was held to mark the event since this was the first issuance of a Green Bond in Sri Lanka.

Kadono added: ‘To tackle environmental issues in Sri Lanka it is estimated to require US 339 million by 2025, which is a 1.5 percent loss in terms of GDP. Therefore, Sri Lanka must intensify efforts to sustain its growth while addressing climate change challenges. There is a need for the island nation to turn to Green Bonds to meet its needs.

‘With the public sector funding insufficient for this endeavour, there is a pressing need to mobilize private financing in the capital market.

‘For this, the sustainable bond market can play an important role in attracting private capital for investing in climate mitigation and adaptation, both of which are critically needed in Sri Lanka. This is a tremendous opportunity for the country that we must capitalise on.

Takafumi Kadono

‘Promoting sustainable capital market development is an integral component of the ADB’s work in Sri Lanka to promote sustainable recovery, build resilience and foster inclusive growth.

‘While the efforts of the Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE) have been commendable in promoting Green and sustainable market yields much work remains to be done.

‘The ADB would mobilise its expertise to support pilot issuances of sustainable bonds in Sri Lanka, in collaboration with the SEC and CSE.

‘Green Bonds would help bring the fight against climate change to the forefront of sustainable development.’

Addressing gathering CSE chairman Dilshan Weeraskera said that with the DFCC bond issue there are many new companies to follow this which would help the capital market to invest in green economy related projects for the sustenance of the entire ecosystem.

He said that in 2023 total issuance of Green Bonds in the world was more than US $ 1 trillion, which Sri Lanka is now in a unique opportunity to use for the sustainable development of the country.

Chairman, SEC Faizal Salieh said that this type of issuance is crucial for the mitigation of environmental issues in order to protect vulnerable sections of society due to environmental issues.

The DFCC Bank’s Green Bond issue aimed at raising Rs 2.5 billion was oversubscribed. The bond issue was given an A- (lka) rating by Fitch Ratings. The notes, the first listed Green Bond issuance in Sri Lanka, will mature in three years with fixed coupons.



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CIF, the world’s favorite multi-surface cleaning brand, arrives in Sri Lanka

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CIF, the globally recognized multi-surface cleaning brand, has officially entered the Sri Lankan market, expanding the range of international home-care solutions available to local consumers.

CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif

Used by households around the world, CIF is known for its powerful cleaning performance and ability to tackle everyday dirt and some of the toughest cleaning challenges around the home.

Its introduction to Sri Lanka comes as consumers increasingly seek cleaning products that combine performance, convenience and versatility, particularly solutions that can be used across multiple areas and surfaces within the home.

One cleaner. So many possibilities.

From stubborn kitchen grease and grime to limescale around sinks and dirt that builds up on frequently used surfaces, CIF is designed to provide powerful cleaning performance while helping make every day cleaning simpler.

The brand’s multi-surface proposition allows consumers to address a range of household cleaning needs with one versatile solution, bringing greater convenience to modern cleaning routines.

CIF’s entry into Sri Lanka also brings the brand’s global philosophy closer to local consumers eventually helping people restore and rediscover the beauty of the places and things around them through effective everyday cleaning.

With its combination of global recognition, multi-surface versatility and powerful cleaning performance, CIF’s arrival provides Sri Lankan consumers with a new international option in the household cleaning category.

The world’s favorite multi-surface cleaning brand is finally here in Sri Lanka.

Just CIF it!

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A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy

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Transport Minister Bimal Rathnayake and Indian High Commissioner Santosh Jha at the plaque unveiling ceremony for the Moragahakanda Bridge project, supported by Indian grant assistance.

By Sanath Nanayakkare

An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.

Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.

Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.

Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.

From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.

What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.

Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.

The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:

Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.

Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.

Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.

By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.

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Bring your own bag to book fair, CEA urges

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By Ifham Nizam

The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.

CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.

“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.

The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.

The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.

The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.

The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.

These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.

The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.

The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.

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