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Driving sustainable investment: The crucial role of sustainable finance and private capital for Sri Lanka

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Director General, Sustainable Development Council of Sri Lanka, Chamindry Saparamadu, Director General - BOI, Renuka Weerakone and UNDP resident representative in Sri Lanka Azusa Kubota speaking at the event

Sri Lanka stands at a critical juncture, seeking avenues for sustainable development while positioning itself as a responsible global player. In this pursuit, sustainable finance and private capital have emerged as a transformative force, offering a unique opportunity to address pressing environmental and social challenges while driving economic growth. By integrating sustainability principles into its financial systems and attracting private investments, Sri Lanka can unlock new avenues of investment, attract international capital, and create a resilient and inclusive economy.

The Sri Lanka SDG Investor Map, developed by the United Nations Development Programme (UNDP) through the strong collaboration of the Sustainable Development Council of Sri Lanka and the Board of Investment (BOI), provides tangible market intelligence on 15 investment opportunity areas across 5 key sectors that support Sri Lanka’s advancement towards the Sustainable Development Goals (SDGs). The 5 sectors – Healthcare, Renewable Energy, Food & Beverages, Consumer Goods, and Infrastructure – can attract private sector investment and mobilize global private capital towards SDG-aligned investments.

As a follow-up to the launch of the SDG Investor Map, a series of collaborative sector deep dive workshops were convened, aligned to the key Investment Opportunity Areas identified through the Map, engaging a broad group of private sector representatives, investors, policy makers and development partners.

Based on these consultations, a report highlighting ‘Sector insights, challenges and opportunities for mobilizing private capital towards SDG aligned investment opportunity areas’ was launched recently, with the participation of the State Minister of Finance Shehan Semasinghe; the Director Generals of the Sustainable Development Council and BOI; other Government officials and development partner representatives.

Highlighting the ambition and Plans of the Government of Sri Lanka on relevant policy reforms, Minister Shehan Semasinghe, State Minister of Finance stated that “We are committed to creating a favorable investment climate through regulatory reforms, and attract foreign, and local investments, and facilitate investment opportunities that will generate, positive, social, and environmental impacts, to ensure financial returns. We will improve fiscal transparency, public financial management, introduce a stronger anti-corruption legal framework, and our anti-corruption reform will align Sri Lanka’s legal framework with international standards.”

The role of private capital and investment is more important, now more than ever, to support recovery, prevent regression and help re- accelerate towards a sustainable development trajectory for the country.

Setting the Stage for SDG based Investments in Sri Lanka, Chamindry Saparamadu, Director General, Sustainable Development Council of Sri Lanka stated “We must remain steadfast in our ambition to achieve the Sustainable Development Goals (SDGs), but we must also act swiftly, employ intelligent strategies, make wise investments, strengthen global partnerships, and build upon our collective commitment to the SDGs. In this regard, the SDG Investor Platform plays a crucial role by providing investors with critical data, insights, and tools necessary to channel increased capital towards the SDGs. By doing so, it will assist Sri Lanka in unlocking vital financing required to overcome economic challenges and ultimately advance the well-being of both our people and the planet.”

In her remarks at the event, Azusa Kubota, Resident Representative, UNDP in Sri Lanka highlighted “Any investment will bring resources to the country, but we want them to be SDG-aligned to ensure sustainable, inclusive, and green growth for Sri Lanka. We want quality investments that create employment with dignity. Given that the Sri Lanka SDG Investor Map focuses on SDGs to bring in a strong impact narrative alongside commercial returns, there should be a strong emphasis on sustainability at the core underpinning all investment choices.”

Also speaking at the event, Renuka Weerakone, Director General, Sri Lanka Board of Investment noted, “It is our intention to explore and accept green funding opportunities to accelerate sustainable development projects in Sri Lanka. We firmly believe that by harnessing green finance mechanisms and capitalizing on sustainable investment opportunities, we can maximize the positive impact of our endeavors and we request the support and collaboration of UNDP in this regard. We firmly believe that investment and sustainable development are intimately linked, and by embracing this interconnection, we can unlock unprecedented opportunities for growth, innovation, and shared prosperity.”



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New Chairperson and Members appointed to the Finance Commission

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President Anura Kumara Dissanayake has appointed Ms N. R. Anees as the new Chairperson and a member of the Finance Commission.

J. M. C. J. Wijetunga and K. Karunaharan have been appointed as the other members of the Commission.

The letters of appointment were presented to the appointees by the Secretary to the President, Dr Nandika Sanath Kumanayake, at the Presidential Secretariat ton Monday (20)  afternoon

The appointments were made to fill the vacancies createdy  following the expiry of the terms of office of the previous members of the Finance Commission.

(PMD)

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True leadership is not about titles or power, but about acting responsibly for the well-being of others – Prime Minister

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Prime Minister Dr. Harini Amarasuriya stated that true leadership is not about titles or power, but about acting responsibly, with compassion, and working for the well being of the others.

The Prime Minister made these remarks while attending the President’s Guide Award and Prime Minister’s Award Ceremony, organized by the Sri Lanka Girl Guides Association, one of the country’s leading voluntary organizations dedicated to empowering girls and young women. The ceremony was held on Sunday (19th July )at Temple Trees in Colombo.

During the event, the Prime Minister presented medals and certificates to the award recipients.

A total of 350 awards were presented at this year’s ceremony, comprising 338 President’s Guide Awards and 12 Prime Minister’s Awards, in recognition of the recipients’ discipline, resilience, integrity, and commitment to serving others.

Addressing the occasion, Prime Minister Dr. Harini Amarasuriya stated that one of the greatest strengths of the Girl Guides association is its commitment to providing equal opportunities to every child, regardless of their background or abilities. The Prime Minister also emphasized that true leadership is not defined by titles or power, but by acting responsibly, listening with compassion, and working for the well-being of others.

The Prime Minister further noted that while women had limited opportunities in the past, today increasing opportunities are being created for girls and women across all sectors, and young women are making remarkable progress in every field. The Prime Minister further stressed that every girl and young woman deserves equal opportunities to improve themselves, noting that the country needs young women leaders who are ready to step forward to build a better future for Sri Lanka.

The Prime Minister  also highlighted that, particularly at a time when Sri Lanka is undertaking significant economic and democratic reforms, achieving sustainable national progress requires not only economic growth but also the development of citizens who uphold strong ethical values and social responsibility. In this regard, she commended the invaluable contribution made by the Sri Lanka Girl Guides Association.

Guided by its motto, ​“Be Prepared,” the Girl Guiding Movement in Sri Lanka was first established on 21 March 1917 at Kandy High School by Miss Jenny Calverley Green. Today, the movement operates through seven branches; Butterflies, the Little Friends, the Guides, the Rangers, the Youth, the Differently Abled Guides, and the Community Guiding Units, catering to different age groups and abilities. The President’s Guide Award is the highest honour that can be achieved by a Girl Guide and is awarded only to those who successfully complete the required challenges, written and oral examinations, and the BP Challenge. The Prime Minister’s Award is presented as the highest recognition within the Ranger Guide section.

The event was attended by at the President of the Sri Lanka Girl Guides Association Swarnika Pitigala, Chief Commissioner Dr. Kushantha Herath, President’s Guide Commissioner Pushpa Perera, Prime Minister’s Guide Commissioner Aruni Karunaratne, other senior officials of the Sri Lanka Girl Guides Association, President’s Guides and Prime Minister’s Guides, as well as a large number of their parents.


(Prime Minister’s Media Division)

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Customs asked to resume probe or face legal action

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Rs. 16 bn BMW revenue fraud:

Public interest litigation activist Nagananda Kodituwakku has said he will initiate appropriate proceedings against Director General of Customs, Wimal S.K. Liyanagama, in terms of the Anti-Corruption Act No 9 of 2023, unless the Customs carries out a revenue fraud inquiry to recover approximately Rs 16 bn in lost government revenue.

General Secretary of Vinivida Foundation, and former Customs officer, Kodituwakku said that though the Department, in response to his request for a meeting to discuss the issue, in writing, assured them that the investigation was underway, they found that the actual situation was not so.

Kodituwakku alleged that the Customs Chief had neglected what he called statutory duties under the Customs Ordinance, by disregarding his request for a meeting.

Kodituwakku said the investigation into the importation of 1,728 brand new BMW vehicles, under the concessionary duty permits issued by the government for the public servants, between 2011 and 2014, had been stalled.

The civil society activist said that investigations had revealed the vehicles hadn’t been imported by the permit holders themselves but others. It also transpired that the value of the imported vehicles, mentioned in the commercial invoices, proforma invoices and the CusDecs, tendered to Customs in the names of the permit holders, were not the actual values for the vehicles in question.

The high-profile case has been handled by the Central Investigation Directorate, at that time headed by Murugesu Thayabaran, a batchmate of Kodituwakku.

The ex-Customs officer said that he had appeared as counsel for Thayabaran in Court of Appeal and was determined to bring the case to a successful conclusion. According to him, the importer, over the years, had been represented by nine President’s Counsel as the case dragged on from the time of P.S.M. Charles, Director General, Customs.

Kodituwakku made available letters he wrote to the Customs and other parties on this issue, to The Island. Pointing out that the Court of Appeal on 7 May, 2024, dismissed the importer’s final appeal regarding the case pertaining to the revenue loss of Rs. 16 bn, Kodituwakku said that although the court had cleared the way for the Customs probe, no action had been taken.

However, the Court of Appeal ruling was given before Liyanagama succeeded Seevali Arukgoda as DG Customs on 6 May, 2026. Liyanagama served as Director General of the Department of Management Services at the Treasury before the new appointment.

Kodituwakku said that he had also brought the Customs case to the attention of the Commission to Investigate Bribery or Corruption (CIABOC).

Emphasising the failure on the part of the Opposition to raise this issue, both in and outside Parliament, Kodituwakku said that since the exposure of the BMW scam, during Mahinda Rajapaksa’s presidency, there had been four presidents, namely Maithripala Sirisena, Gotabaya Rajapaksa, Ranil Wickremesinghe and incumbent Anura Kumara Dissanayake. Unfortunately, successive administrations had allowed the interested parties to drag the case. The lack of interest shown by political parties revealed that they not only protected those responsible but encouraged corrupt practices of allowing third parties to import vehicles in terms of permits issued to legitimate recipients of such permits.

Having campaigned on an anti-corruption platform, during the presidential and parliamentary polls in 2024, the NPP couldn’t, under any circumstances, turn a blind eye to this situation, Kodituwakku said, adding that even the IMF should be concerned of the failure on the part of successive governments to recover the money.

By Shamindra Ferdinando

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