Business
IFC provides US$150 million funding package to Dialog Axiata towards broadband infrastructure development in SL
Sri Lanka’s premier connectivity provider, Dialog Axiata PLC (Dialog), is set to expand and improve broadband connectivity across the country with International Finance Corporation’s (IFC) support, a Dialog press release said.
The release added: IFC’s loan of up to $150 million will help Dialog expand and improve its network capacity through the upgrading of existing sites and the construction of new 4G sites. Dialog also seeks to increase its fibre optic network footprint and implement upgrades to increase both capacities and efficiencies in core network operations.
As the leading telecommunication services provider in Sri Lanka, Dialog represents over 50 percent of both the mobile and fixed broadband market in the country and is well equipped to effectively expand quality connectivity options to underserved areas in Sri Lanka.
With over 32 million mobile subscribers, Sri Lanka has made substantial progress in terms of penetration of mobile services, with 149 percent mobile penetration versus an average 85 percent of its South Asian peers. While Sri Lanka ranks amongst the top 20 countries for Broadband affordability, the internet quality and speed has been weak with Sri Lanka ranking 125th globally (among 141 countries) in download speed. This significant quality gap in the market is mainly due to heavy reliance on mobile services for data usage and use of older technologies such as 3G.
“Quality and reliable telecommunication infrastructure has a multiplier effect on a country’s economic growth. It provides the opportunity to unlock new and innovative sources of growth and jobs—spurring digital economy, trade, and entrepreneurship—while bringing communities closer,” said Hector Gomez Ang, IFC’s Regional Director for South Asia. “IFC’s investment in this partnership shows our commitment to support the development of Sri Lanka’s private sector, even amid current uncertainties.”
Speaking at the occasion, David Nai Pek Lau, Chairman of Dialog Axiata PLC said, “It is heartening to note the continuing collaboration between IFC, Axiata and Dialog. We are grateful to IFC for their faith in Dialog and Sri Lanka over the years, and their steadfast support to help address some of the biggest challenges we are currently facing in our journey of advancing the country’s connectivity infrastructure in line with our mission of empowering and enriching Sri Lankan lives and enterprises. IFC’s funding will be critical in meeting Sri Lanka’s future digital connectivity needs, which is fundamental in helping people and businesses flourish during these challenging times.”
Dialog, part of a leading regional telecom service provider Axiata Group Berhad, has been a longstanding client of IFC. Apart from previous debt and equity investments in 2004 and 2007, IFC also helped strengthen the business skills of Dialog’s retail distributors in Sri Lanka, benefitting more than 3,000 small business owners from rural and post conflict regions of the country. Axiata Group has been a key partner for IFC in Asia—including in Bangladesh—promoting the development of digital infrastructure and digital economy in markets where it operates.
Commenting, Director/Group Chief Executive, Supun Weerasinghe of Dialog Axiata PLC said, “Dialog’s association with IFC goes back to 2004, and we’re grateful for their continued confidence placed in Dialog and Sri Lanka as a nation. Today, we’re at a crucial juncture as a country, as well as an organization. With the support of IFC and Axiata, we are able to initiate this next phase of connectivity infrastructure development in the country and continue our commitment to delivering uninterrupted services and world-class technology to all Sri Lankans and Enterprises.”
Business
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
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