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ICTA, PwC pave way for innovative tech companies to raise much needed funds with minimal collateral

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The Information and Communication Technology Agency (ICTA), the apex body for Information and Communication Technology in Sri Lanka, in collaboration with PwC Sri Lanka, yesterday introduced a new Credit Evaluation Framework to be adopted by lenders when lending to tech companies with minimal collateral.

The new framework was launched in an event held with the participation of Prof. Lalith Gamage – Chairman of ICTA, Mahinda B.Herath – Chief Executive Officer ICTA, Anura De Alwis – Chief Digital Economy Officer of ICTA, Kavinda Weerakoon, Director – Deals, PwC Sri Lanka, Ashok Goonesekere Chief Risk Officer DFCC Bank, Indika Ranaweera, Vice President – SME, Middle Market & Business Banking, NDB Bank and Kanishka Weeramunda, Founder/CEO of Paymedia (Pvt) Ltd. a technology company who has successfully gone through the evaluation process.

Expansion of a tech company is a daunting process due to challenges in obtaining debt facilities, as traditional credit evaluation methods require borrowers to provide tangible collateral in order to be eligible for a business loan. Furthermore, technology companies are evaluated using existing generic credit evaluation frameworks, which have inherent shortcomings in evaluating the merits and demerits of a technology company. Against this backdrop, the launched framework becomes an alternative mechanism for the traditional framework. The new framework has been built around four pillars, namely; Founder, Market, Product, and Financials and has thus provided technology companies to be evaluated on quantitative and qualitative factors that are most relevant to them.

The framework has been formulated with the due support and consultation from an industry-leading steering committee which consisted of Mr. Mangala Karunaratne – CEO, Calcey Technologies (Pvt) Ltd, Mr. Chalinda Abeykoon – CEO, Lankan Angel Network, Mr. Nilendra Weerasinghe – Head – Chief Corporate Advisory Officer, NDB Investment Bank Limited, Mr. Wellington Perera – Director, Cemex Software(Pvt.)Ltd., Ms. Jayomi Lokuliyana – CEO, ZMessenger (Pvt) Ltd.

Commenting on the new framework, ICTA Chairman Prof. Lalith Gamage said, “ICTA, as the apex body for IT industry, is proud to launch this novel credit evaluation method, which is a timely approach to support emerging tech startups and existing tech companies to expand their businesses at a time when the tech startup ecosystem started to revive the country’s economy, it is vital to extend financial support for the growth of these tech companies, also considering their huge export capacity. This alternative credit evaluation process will enable tech companies to access funding without the need to rely on personal collateral”.

It is noteworthy that the framework has been designed with the recommendations of credit evaluation officers from several banks in order to streamline the mechanism further. Seylan Bank, DFCC Bank, Union Bank, and NDB bank have already expressed their willingness to consider the new framework when assessing technology companies for debt financing.

Chief Digital Economy Officer of ICTA, Anura De Alwis, said, “Technology industry is core to the country’s economic growth with the highest potential for employment opportunities. But most tech companies are faced with difficulties in obtaining loans due to a lack of physical collateral. Moreover, the pandemic has forced many challenges for tech companies, derailing the growth to some extent. In this background, the new framework launched with PwC will play a crucial role in boosting the tech industry. We are thankful to PwC for partnering with us to design the new framework and for the expert advice and guidance from the steering committee in making the whole process a success.”

Kavinda Weerakoon, Director – Deals at PwC Sri Lanka, expressed, “Technology enterprises are generally underserved by banks which create a funding gap for these businesses. We are thankful for ICTA in pioneering this valuable initiative and having PwC onboard. PwC brought in deep banking sector insight from a cross-functional team of experts to develop this framework. We are optimistic that this framework will act as a catalyst for lending institutions to provide flexible and innovative financing facilities to develop high-impact technology-driven sectors of the economy.”



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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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