Business
ILO ready to work with CBSL to drive economy via MSE power
by Sanath Nanayakkare
The International Labour Organisation (ILO) which has conceptualised and introduced a viable Value Chain Financing (VCF) model for the coconut and coir industry in Sri Lanka said on Tuesday that a similar working capital model can be applied to any micro and small enterprise (MSE) sector where buyers have a strong dependencye on producers for supplies.
Ms Simrin Singh, Country Director for ILO in Sri Lanka and the Maldives said, “This means lending for micro and small enterprises (MSEs) appears to be more feasible now which has often remained outside the target of the commercial banks. The ILO is willing to work with the Central Bank of Sri Lanka to set guidelines and sound practices for Sri Lanka’s commercial banks to undertake value chain financing in a symbiotic relationship with the country’s MSE sector gaining advantages from each other.”
She made these comments at a virtual session organised by the Central Bank of Sri Lanka amid the prevailing situation in the country and its impacts on MSEs.
Speaking further as to how the ILO approached industry members who were willing to advance credit to their MSE raw-husk processing suppliers with the intention of providing inputs they need to continue their exports, she said:
“ILO has had had a number of years of exposure to the industry though collaboration with the Coconut Substrate Exporters Association of Sri Lanka. Four of Sri Lanka’s largest coir and coconut related product exporters partnered with the ILO to move forward with this initiative.The partnership guaranteed that the ILO would cost share an equal amount of any loan that the company would provide to the MSE supplier as a grant, to be used for improving occupational safety and health and working conditions, machinery acquisition or similar capital investment at the suppliers’ level. Accordingly, both MSEs and buyers would benefit from the resulting improved business conditions and quality of the products. Thus far, the ILO has engaged with 93 raw husk processing suppliers which has resulted in benefits to over 1,000 working people out of which approximately 50% are women.”
“The VCF intervention is part of an ILO-led initiative in Sri Lanka to facilitate the healthy socio-economic recovery of the MSE sector from the negative impacts of the COVID-19 pandemic. Vulnerability of this sector should not lead to exploitation and indebtedness at the hands of micro lenders of the informal sector. A significant proportion of MSEs in Sri Lanka struggle to secure working capital through formal channels for a number of reasons, including a lack of credit history or a poor credit rating or an inability to offer collateral. In searching for effective measures to help MSEs re-start or continue their business operations, the ILO introduced value chain financing as an effective and pragmatic approach to providing business owners with access to sufficient working capital.”
“For example, if the small business in question is involved in the apparel value chain, a financial institute would offer credit to the business if a reputed buyer from the apparel industry having commercial transaction with the financial institute vouches for the business. In general, VCF is a tool used to increase returns for all stakeholders and growth and competitiveness along the supply chain. In view of this pragmatic approach, commercial banks of Sri Lanka could look at this lending tool in a more favourable manner as they can rely on a symbiotic relationship with MSEs,” ILO Country Director said.
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has successfully launched the highly anticipated vivo V50 smartphone, marking a significant milestone in its commitment to bringing 5G technology and pro-level mobile experiences to Sri Lankan customers, with the first customer handover taking place on 27th March 2025.
The vivo V50, designed in collaboration with ZEISS, combines advanced features such as a 50MP ZEISS OIS Main Camera, a powerful Snapdragon® 7 Gen 3 processor, and a stunning 6,000mAh battery, all housed in a sleek, ultra-slim design. Available at an attractive price, the vivo V50 delivers unmatched mobile performance for work, play, and creativity, offering features such as AI-enhanced photography, 4K video recording, and lightning-fast 90W FlashCharge technology. The vivo V50 also boasts a 41° golden curvature for a comfortable grip and a premium, cinematic mobile experience.
Dialog’s partnership with vivo underscores its commitment to bringing the latest in 5G innovation to Sri Lanka, providing customers with access to next-generation mobile experiences and empowering them to capture, create, and connect like never before. The vivo V50 is now available for purchase at Dialog’s Experience Centers and via https://www.dialog.lk/phones/vivo-v50-5g-12gb.
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Sun directly overhead Nainamadama, Sandalankawa, Kundasale, Mahiyanganaya and Kalmunanai at about 12:12 noon today [08]
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