Business

Proposed coastal structures for Mawella Bay causing concern among investors

Published

4 years ago

2021/11/12

By Ifham Nizam

Tourism real estate investors recently expressed concern about some proposed coastal structures to be constructed in Mawella Bay.

They say the said constructions have not been decided on any scientific basis and are bound to cause massive destruction of the Mawella coastline.

An investor told The Island Financial Review that they are concerned as no Environmental Impact Assessment (EIA) was done but only an Initial Environmental Examination (IEE), which is not sufficient considering the fact that all stakeholders in this ecologically fragile landscape were not consulted.

Their fears were compounded in September and the early part of October when the sea came right up to the mangrove level taking over large portions of the beach. This is just after one part of the proposed constructions, i.e. an anchorage, was built in the bay area.

Zander Combe – part owner Halcyon Mawella Hotel said that it is high time the government considered seriously protecting Sri Lanka’s tourism areas as it is imperative that they are protected for the future generations and the economic future of Sri Lanka.

“There is no scientific evidence that building these coastal structures has any positive effect on the environment, quite the opposite in fact, he added.

He also said investors in the tourism industry need to be assured that their investments are safe going forward and areas like Mawella need to be protected so that tourism can grow and the local communities can benefit from the upcoming boom in Sri Lanka tourism.

They also say there is no real need for an anchorage because most of the fishermen in the area pull their boats on to the beach, adding to the tourist attraction.

Mawella Bay up to now remains one of Sri Lanka’s beautiful untouched beaches. It is two kilometers long, pristine and well suited for high- end tourism. This is one of the few beaches on the island’s southern coast that is calm, serene and is swimmable all year round. Leaving aside the tourism potential, the changes seen on the beach since these constructions began, show signs of people living in the area also being negatively affected as a result of these coastal protective hard structures.

The real estate investors point to three reports done by experts on the damages caused to coastal areas by man- made hard structures. The 1988 report on ‘Coastal Area Management in Sri Lanka’ by Kem Lowry of the University of Hawaii and H.J.M. Wickremeratne of the Coast Conservation Dept. which says some of the structures built by the CCD were without any scientific understanding of the local coastal dynamics, resulting in the ‘solution’ to prevent erosion in one area causing considerable erosion elsewhere. The report cites several examples where this occurred and says these were probably done under public pressure to prevent erosion but proved to be disastrous.

A more recent research project carried out by the Asian Development Bank Institute (ADBI) in March 2021 titled, ‘Are coastal protective hard structures still applicable with respect to shoreline changes in Sri Lanka?’, refers to human influence on nature. It says the application of hard structures is least able to control coastal erosion in a large area because while it may be good for the site it is not helpful for adjacent areas. It says the environment will remain under its natural conditions as long as humans introduce no alterations.

While both reports point to hard structures doing more damage than good, let’s explore another report presented by Professor Charitha Pattiaratchi, Professor of Coastal Oceanography at the University of Western Australia, who has done his research specifically on the proposed hard structures for Mawella Bay.

The proposed structure includes a 300 meters long stone anchorage which is already built and two offshore breakwaters to mitigate erosion. While the anchorage is already causing some concern among bay area landowners and residents, there is a contrary view on the two breakwaters from the eminent coastal scientist.

He says the construction of the two 60m offshore breakwaters is not recommended because they are located in a region with high waves and current activity.

‘The region for the proposed breakwaters is a highly complex region in terms of hydrodynamics and sand transport. The breakwaters will retain sand in the lee which will interrupt the alongshore transport of sand. As the sand retained would be from regions along the ~1.5 km length of beach there is a strong probability of extreme erosion in other regions of the Bay, says Professor Pattiarachchi.

Reopening of the tourism industry is absolutely necessary to protect livelihoods and businesses and beach tourism has a lot of potential in helping the country grow and boost the economy. If these natural locations that can serve the people aren’t protected, the country is throwing away opportunities that it then has to build up from elsewhere.

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Business

Fifty ninth ADB Annual Meet opens in Samarkand amid global uncertainty

Published

13 hours ago

2026/05/4

Thilina Walpola

Guests from member countries of the ADB arrive at the venue for the 59th Annual Meeting of the Bank in Samarkand, Uzbekistan, yesterday

The 59th Annual Meeting of the Board of Governors is set to commence this week, bringing together finance ministers, central bank governors, policymakers and development leaders from across Asia and beyond at a time of mounting global economic and geopolitical uncertainty.

Addressing journalists ahead of the opening sessions, Bernard Woods, Principal Director of the Department of Communications, said the meetings were beginning at a pivotal moment for the world, with fuel markets, food security and fertilizer supply chains coming under strain due to tensions in the Middle East.

He noted that amid rising political and economic fragmentation, regional connections and stronger collaboration have become more important than ever. Against that backdrop, the key sessions and high-level discussions in Samarkand will focus on building collective resilience and strengthening cooperation among member countries.

Among the major themes expected to dominate the agenda are cross-border digital connectivity, cyber security, energy integration, capital market development, transport corridors and the responsible adoption of artificial intelligence to improve resilience and productivity in member economies. Woods also said discussions would examine how resources can be distributed more effectively to meet the unique development priorities of each country.

The official programme features a series of strategic seminars and media events over four days. The opening session of the Board of Governors will include addresses by high profile authorities and subject experts.

Other key sessions include discussions on how capital markets can drive development across Asia and the Pacific, scaling up investments for critical minerals and manufacturing value chains, digital highways for inclusive growth, and pan-Asia transport and power connectivity initiatives.

ADB President Kanda is also scheduled to hold a press conference to announce major new initiatives, while several technical briefings will examine global value chains, private sector operations, digital transformation and regional energy cooperation.

With global shocks increasingly spilling across borders, the Samarkand meeting is expected to underline a central message: that regional cooperation, practical partnerships and timely investment remain essential for sustaining growth and stability across Asia and the Pacific.

By Sanath Nanayakkare in Samarkand, Uzbekistan

Business

Nations Trust Bank completes transfer of HSBC Sri Lanka’s Retail Banking Business to its portfolio

Published

13 hours ago

2026/05/4

Thilina Walpola

Nations Trust Bank PLC (NTB) has announced that the transfer of Hongkong and Shanghai Banking Corporation’s (HSBC) Retail Banking business in Sri Lanka to NTB has officially been completed, with the acquired portfolio transitioning to NTB effective 1st May 2026.

NTB has integrated HSBC Sri Lanka’s retail banking customers into its operations, ensuring continuity of service and relationship management. The transition also includes the onboarding of HSBC Sri Lanka staff as part of the integration process. The transition has been carried out with a focus on operational stability and minimal disruption, with ongoing support in place as customers familiarise themselves with their banking arrangements at NTB.

The migration brings approximately 200,000 retail customer accounts under NTB, encompassing savings and current accounts, fixed deposits, credit and debit cards, retail loans and a high‑net‑worth customer segment that now joins Nations Trust Bank Private Banking. Through this transfer, Nations Trust Bank’s countrywide network expands to 96 branches. The transition adds seven branches to the network, with locations in Bambalapitiya, Flower Road, Union Place, and Pelawatte operating as dedicated Private Banking Centres, while three other branches are located in Nugegoda, Jaffna, and Kandy.

To support customers during the transition period, NTB has ensured that multiple access points and support channels remain available. Customers may continue to bank through the nearest NTB branch, contact NTB’s 24-hour Help Desk via +94 11 441 4151, and access digital banking services through the Nations Direct mobile app. Dedicated transfer‑related information and FAQs are also available at https://migration.nationstrust.com

Additionally, arrangements were made to extend branch support across two weekends as part of the transition programme.

Business

Amana Takaful named Sri Lanka’s Most Awarded Insurance Company

Published

13 hours ago

2026/05/4

Thilina Walpola

(L) Siva Karthigun, Chief Executive Officer – General and Gehan Rajapakse, Chief Executive Officer – Life

Amana Takaful Insurance has been recognized as Sri Lanka’s Most Awarded Insurance Company for 2026 by LMD Magazine, marking its third consecutive year of achievement. This recognition reflects the company’s consistent focus on delivering value across both its Life and General businesses, supported by customer-centric solutions, operational discipline, and continued innovation.

Over the years, Amana Takaful has strengthened its market position by enhancing service delivery, investing in digital capabilities, and expanding access to insurance solutions for a wider segment of Sri Lankans.

Commenting on the recognition, Siva Karthigun, Chief Executive Officer – General, stated: “This recognition reflects the discipline and focus we maintain across our operations to deliver consistent outcomes for our customers. Our continued investments in process improvements, digital capabilities, and service excellence have enabled us to strengthen our responsiveness and reliability, ensuring we meet the evolving expectations of our customers across all touchpoints.”

Commenting further, Gehan Rajapakse, Chief Executive Officer – Life, stated: “This recognition reflects the consistency of our efforts in delivering meaningful value to our customers, while continuously strengthening our capabilities across both Life and General businesses. As we move forward, our focus remains on enhancing accessibility, leveraging digital innovation, and ensuring our solutions remain relevant to the evolving needs of Sri Lankans, while maintaining the highest standards of service and reliability.”

Notably, a significant portion of these awards were received for digital excellence, underscoring the company’s continued progress in its digital transformation journey. Amana Takaful’s investments in technology-driven solutions, process automation, and enhanced digital customer experiences have played a key role in strengthening accessibility, efficiency, and service delivery across both Life and General businesses.

The recognition further reinforces Amana Takaful’s standing within the industry, highlighting its ability to sustain performance and adapt in a dynamic environment. For Every Sri Lankan, as one.