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‘HNB Group demonstrates resilience, strength and stability’

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Hatton National Bank PLC (HNB) demonstrated resilience and an unwavering focus on sustainable business performance as it posted Rs 13.7 Bn in Group Profit After Tax during 2020, a year laden with unprecedented circumstances and challenges. Bank level Profit After Taxes amounted to Rs 11.5 Bn

Commenting on the performance, chairman of HNB Dinesh Weerakkody stated that “2020 has been a year unlike any other in recent memory as the COVID-19 Pandemic transformed the socioeconomic landscape dramatically, elevating uncertainty and risks at every level, both locally and globally. We proved our ability to adjust rapidly as we leveraged technology and adapted to the new normal, sharing the responsibility to stay safe as well as keep our communities safe and empowered. “

He added that “even before the onset of the pandemic, our economy was adversely affected due to the Easter Sunday bombings of 2019. The onset of the pandemic aggravated our economic woes, straining cash flows, at Individual, Entity and National levels while paving the way for a disruptive transformation that vaulted us to a new era of exciting possibilities.

“At HNB, we have reset our agenda and will continue to do so going forward, embedding the new-found speed and agility into our ways of working and identify the best ways to respond, making sure we sustain such best practices in our operations. Unlike ever before, we, as a leading bank, have a crucial role to play in the task of restoring and supporting the livelihoods of our communities.”

Jonathan Alles, Managing Director/CEO of the Bank commenting on the performance stated that “in the wake of the COVID-19 pandemic, we reprioritised our focus to ensure that we navigate the uncertainties and risks effectively to safeguard the interests of all our stakeholders. Health and safety, business sustainability and supporting the customers in need were at the core.”

He added that “our dedicated team of 4,800+ members rallied around together to provide the much needed financial relief and banking needs despite lockdowns. During the first phase we provided debt moratoria to customers covering approximately 40% of our loan book. With lockdowns being limited to few localities during the second wave of the pandemic and most industries recommencing their operations, the moratoria extended under the second phase has reduced to approximately 15% of the loan book which is a positive sign for the economy. We also extended working capital finance of over Rs 24Bn to affected sectors at concessionary interest rates under the CBSL relief scheme.”



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Cabinet approves CECB as consultant for renovation of the Karainagar boat yard project

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The Cabinet of Ministers has approved the proposal presented by the Minister of Fisheries, Aquatic and Marine Resources to seek the services of the Central Engineering Consultancy Bureau as a consultant for the renovation of the Karainagar boat yard  project and allocate 40 million rupees from the Treasury for the expenditure to be borne by the Government of Sri Lanka.

[A memorandum of understanding was signed by the President during his official visit to India in December 2024. , to obtain a grant from the Government of India for the renovation of the Karainagar Boat Yard

According to the MOU, the responsibility of providing the technical consultancy service for the project and exempting the goods and equipment related to the grant from taxes has been assigned to the government of Sri Lanka.]

 

 

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‘Transformative infrastructure’ installed at Colombo West International Terminal

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Making history: The Colombo West International Terminal

In a landmark move for Sri Lanka’s logistics landscape, EFL Project Logistics has completed a critical phase of deliveries for the Colombo West International Terminal (CWIT), a transformative infrastructure project poised to reshape the country’s role in global maritime trade.

CWIT—a collaboration between Adani Ports and SEZ Ltd (51%), John Keells Holdings and the Sri Lanka Ports Authority—is set to be the island’s first fully automated deep-water terminal. As it gears up for full commercial operations in 2025, the recent arrival of high-tech port handling equipment marks a key economic inflection point for Sri Lanka.

Speaking exclusively to The Island Financial Review on the impact, Mohamed Niyas, General Manager – Project Logistics at EFL, said, “The logistics we executed for CWIT are more than just cargo movements; they are catalysts for economic transformation. These deliveries—ranging from electric inter-terminal trucks to automated gantry cranes—are essential to positioning Sri Lanka as a sustainable, high-capacity transshipment hub.”

Among the highlights of the operation were 62 state-of-the-art Sany electric trucks and massive quay and gantry cranes, representing not only a technical leap but also a green one. These advancements contribute to CWIT’s eco-efficient design and bolster Colombo’s capacity to handle up to 15 million TEUs by 2026.

Economically, the development of CWIT—and EFL’s role in its expedited setup—signals a push for increased foreign direct investment, enhanced export competitiveness and job creation across the logistics and engineering sectors. As Niyas emphasized, “We are not just helping move cargo; we are enabling national economic value. Every successful delivery brings us closer to a future where Sri Lanka is a leading player in the South Asian maritime corridor.”

With global shipping routes evolving and automation driving next-gen port operations, CWIT is seen as a strategic asset for long-term growth. EFL’s role in the project showcases the kind of logistics innovation necessary to support this ambition—efficient, sustainable and globally competitive.

By Ifham Nizam

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Marine Tourism Roadmap for Sri Lanka launched by SLTDA

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Dignitaries at the Roadmap launch.

Sri Lanka marked a major milestone in its tourism development efforts with the official launch of the Marine Tourism Roadmap on April 10 in Colombo. This initiative, led by the Sri Lanka Tourism Development Authority (SLTDA) with support from the Asian Development Bank (ADB) under its technical assistance program TA9881 SRI: Supporting Tourism Resilience, lays the groundwork for a new chapter in tourism and the nation’s blue economy.

The Marine Tourism Roadmap was developed through an extensive process of data collection, stakeholder consultations and site visits conducted by the ADB appointed international consultant together with officials of the SLTDA. The final validation of the Roadmap was done by the Marine Tourism Steering Committee, which included representatives from key marine related public and private sector institutions. International expertise was provided by Ms. Aleksandra Dragozet (CEO & Founder – Sea Going Green), ADB’s appointed marine tourism consultant, whose guidance ensured the strategy aligned with global best practices for sustainable tourism. The SLTDA officials, Dr. Prasad Jayasuriya, Director-Tourism Planning, Development & Investments and S Dadeepan, Assistant Director-Tourism Planning & Development coordinated all meetings, site visits and activities with relevant stakeholders and the Steering Committee.

The Marine Tourism Roadmap emphasizes a balanced approach between conservation and economic development, promoting eco-friendly activities such as diving, snorkeling, ship wreck diving and marine wildlife watching. These activities are designed to support local livelihoods while safeguarding Sri Lanka’s rich marine biodiversity, particularly coral reefs, marine mammals, and fragile coastal habitats that face increasing environmental pressure. The strategy outlines two categories of coastal destinations: areas covering Kalpitiya through Galle to Trincomalee, which possess established marine tourism industries; and areas covering Mannar, Jaffna and the North-Eastern coastal belt, which are recognized for their emerging tourism potential. Notably, Sri Lanka’s ocean territory is nearly seven times larger than its landmass, highlighting the vast, untapped opportunities for marine-based tourism. The roadmap presents both short-term and long-term implementation strategies, aiming to develop sustainable marine tourism infrastructure, enhance visitor experiences, and ensure the protection and resilience of marine ecosystems in the years ahead.

The Roadmap itself was the result of collaboration among stakeholders covering coastal areas of Negombo, Kalpitiya, Mannar, Jaffna, Mullativu, Trincomalee and Galle and also the Steering committee members representing 18 key marine related public and private sector institutions including Presidential Secretariat, Ministry of Tourism and the SLTDA. This unified approach ensured that the document reflects the diverse perspectives of stakeholders directly involved in marine and coastal tourism development.

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