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SLTDA issues clarification around securing US $ 417.5mn FDI to develop Uchchamunai island

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Sri Lanka Tourism Development Authority (SLTDA) has issued a clarification following certain news reports consisting ‘misinformation and disinformation’ that Uchchamunai Island has been sold to foreign investors without following the due process.The Uchchamunai Island in question has NOT BEEN SOLD and a lease agreement was signed for a period of 30 years to a foreign investor in an attempt to drive much needed Foreign Direct Investments (FDIs), SLTDA report said.

It further said:

For SLTDA the income is by way of lease rental. The lease rental is based on the value provided by Department of Government Valuation done in October 2020 on which the agreement was finalised. The stated 417.5 million USD is the project cost estimated by the investor for a tourism project that will be implemented in stages.  The project can only commence when all necessary approvals from the line agencies including Coast Conservation, Environmental Authority etc. are in place.

As per the Tourism Act No 38 2005 SLTDA is mandated to lease out (not sell) SLTDA owned lands to potential investors to develop and operate tourism hotels and resorts in a planned and sustainable manner. The SLTDA as in the past has continued to do so, attracting both foreign and local investments, and has been held answerable to the Committee on Public Enterprises (COPE) of the Sri Lanka Parliament for any delays in signing of lease agreements for already approved projects.Regarding the Uchchamunai island in Kalpitiya, SLTDA in July 2019 called for potential investors via newspaper adverts in all three languages. Post evaluation and approval of the Project Proposal Evaluation Committee, it was approved by the Board of SLTDA in February 2020, which includes industry stakeholders and government representatives.  In August 2020 the minister of tourism via the secretary ministry of tourism approved the signing of a lease agreement.   The draft agreement for the lease in terms of the technicalities was finalized in October 2020 and the draft agreement finalised in December 2020.  It was ready to be signed in March 2021.

However, due to the pandemic situation and internal affairs of the investor the agreement signing was delayed. In April 2022, the Board of Investments (BOI) provided the investor with an ultimatum to sign the lease agreement on or before 11th of May 2022, failing which would result in the withdrawal of the application. As a result, the investor requested to sign the lease agreement with SLTDA on the 9th or 10th of May 2022. However, owing to the unfortunate incidents that occurred on the 9th and 10th of May 2022 in Sri Lanka and given BOI’s original request, the SLTDA management arranged signing of the lease agreement for 30-year lease as per land alienation policy on 11th of May 2022.

SLTDA also wishes to clarify that despite popular opinion, the SLTDA nor the government of Sri Lanka or any related stakeholder obtains 417.5 USD Million as a result of this transaction.  The agreement was purely to lease out land for 30 years with ultimate ownership remaining with SLTDA.For SLTDA, as reiterated before, the mode of income is by lease rental where monthly the investor will pay a fixed fee of a rental for the period of 30 years which is based on the valuation done by the Department of Government valuation in the year 2020.  The total cost of USD 417.5 million simply represents the total commercial value of the investment made by the said investor.



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People’s Bank drives push towards cash-lite economy

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Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.

It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.

In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.

People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.

At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.

In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.

In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.

The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.

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ANC Campus and Adelaide University launch new Australian study pathway for Lankan students

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ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.

Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.

The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.

Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.

“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.

Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.

“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.

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Union Assurance honours new batch of certified financial advisers

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Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.

The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.

The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.

Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

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