Connect with us

Business

Government and World Bank sign agreement for financing of $150 million to strengthen Sri Lanka’s financial sector

Published

on

The Government of Sri Lanka (GOSL) and the World Bank signed an agreement for $150 million in financing for Sri Lanka to strengthen the resilience of the financial sector through the Financial Sector Safety Net Strengthening Project (FSSNP). In parallel, the project agreement between the World Bank and the Central Bank of Sri Lanka (CBSL) was also entered in respect of the project implementation arrangements.

The project development objective is to strengthen Sri Lanka’s financial sector safety net with the focus on the Sri Lanka Deposit Insurance Scheme (SLDIS), which is managed by the CBSL. The project also aims to strengthen the financial and institutional capacity of SLDIS in line with international best practices for effective deposit insurance schemes.

The CBSL will be the Implementing Agency of FSSNP. The Deposit Insurance Scheme of Sri Lanka was legally instituted and named as the Sri Lanka Deposit Insurance Scheme with the enactment of the Banking (Special Provisions) Act, No. 17 of 2023.

Signing of agreements between GOSL, the WB and the CBSL were represented by K.M. Mahinda

Siriwardana, the Secretary to the Treasury, Mr. Faris Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka and Dr. P. Nandalal Weerasinghe, the Governor of the CBSL, respectively. The World Bank Regional Vice President for South Asia, Martin Raiser, was in attendance at the signing ceremony.

“The proposed loan will boost the reserves of SLDIS thereby enhancing the payout capability of the scheme and also facilitate the SLDIS to become more aligned with the internationally accepted best practices on deposit insurance. These measures will help to build the confidence of the depositors in the financial system and lead to the stability of the country’s financial system. Hence, the World Bank support by way of this financing facility is considered a timely measure” stated Dr. P. Nandalal Weerasinghe, the Governor of the CBSL.

“A stable and reliable financial sector is crucial for Sri Lanka’s economic revival and sustainable growth. Strengthening the Deposit Insurance Scheme will safeguard the savings of smaller depositors, including women and people living in rural areas. It will also sustain the confidence in Sri Lanka’s financial system, which will pave the way for job creation, business growth and enhanced financial well-being of Sri Lankan people.” were the comments of Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka, with respect to FSSNP.



Business

Cross-border supply chains seen as key to new business opportunities

Published

on

Dignitaries at the launching of the new dhal processing factory.

By Ifham Nizam

Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.

The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.

Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.

‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.

His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.

The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.

Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.

The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.

The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.

But the investment also has a distinctly local agricultural dimension.

Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.

That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.

Duckworth said this type of business partnership could generate benefits for both countries.

‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.

‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.

The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.

For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.

Continue Reading

Business

Ideal Motors makes history with multiple workplace excellence accolades

Published

on

Representatives from Ideal Motors (Pvt) Ltd receive top organizational culture and workplace accolades at the Great Place to Work® 2026 awards ceremony.

HR-led transformation places people, culture and business performance at the heart of the organisation

Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.

Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.

The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.

At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.

These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.

Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.

Continue Reading

Business

AAC takes seat belt safety message to Colombo motorists

Published

on

AAC staff distribute seat belt safety material to motorists on Galle Face Centre Road, Colombo.

The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.

AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.

The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.

AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.

The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.

Continue Reading

Trending