Business
LOLC steady with global expansion strategy

LOLC with its robust MSME-based Micro, Small and Medium Enterprises business model is expanding its global footprint with three parallel investments being made in Tajikistan in Central Asia as well as Malawi and Tanzania in East Africa.
LOLC enters Central Asia with its maiden investment in the region through the acquisition of a 75% stake in a company known as Karat, (LLC LTMKh and LLCTMKhL) with a license authorizing them to conduct micro lending and gold loan business in Tajikistan. Tajikistan, with a population of 9.5+Mn people and a lower GDP Per capita of US$859 presents tremendous potential for rolling out the LOLC’s highly successful MSME model that specializes in serving bottom-of- the-pyramid clientele. LOLC will increase its equity stake in the Company to 100% by the year end.
Meanwhile the LOLC Group’s successful microfinance operations in Nigeria and Zambia have provided the impetus for the Group to further deepen its presence in the African continent through strategic acquisitions of two microfinance companies in Malawi and Tanzania. In Malawi, the Group acquired 100% equity stake of Express Credit Limited, while in Tanzania the Group secured a 96% stake of Tujijenge Tanzania Ltd. Malawi with its population of 19+Mn people and low GDP per capita of US$625 and Tanzania with 58+Mn people and GDP per capita of US$1,077, are both deemed to be highly conducive markets for MSME business, thus paving the way for rapid growth and long-term value creation for the Group.
Commenting on the significance of LOLC’s global expansion strategy, Deputy Chairman – Ishara Nanayakkara stated that, “Expanding our microfinance model globally is not only about pursuing our commercial ambition, but doing so in a sustainable and socially responsible manner to deliver tangible benefits to those communities at the bottom-of-the-pyramid, who are often overlooked by the formal financial system. I believe the impact we are creating in Sri Lanka, Cambodia and Myanmar, speaks volumes about how our business model is doing just that. How we are holistically responding to the needs of these communities by promoting financial inclusion, empowering women and reducing socioeconomic disparity, in turn triggers broader economic change. It is this formula which has delivered socioeconomic progress for the community and continues to bring commercial success for the Group, that we are looking to replicate through our global expansion strategy. “
(LOLC)
Business
Cabinet approves CECB as consultant for renovation of the Karainagar boat yard project

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.]
Business
‘Transformative infrastructure’ installed at 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
Business
Marine Tourism Roadmap for Sri Lanka launched by SLTDA

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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