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Staff level agreement with IMF takes CSE to positive territory

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By Hiran H.Senewiratne

The CSE remained positive yesterday and all blue chip counters, along with those of the LOLC Group, were very active in the market due to positive external factors, such as the signing of the staff level agreement by the Sri Lanka government with the IMF, to obtain a bailout package to take the economy out of the current crisis, stock market analysts said.

Further, some rating agencies also looked at Sri Lanka positively, thus creating an impetus to CSE trading, market analysts said.

Amid those developments the market to traversed to green territory. The market mainly rallied around the LOLC Group of companies. LOLC Finance shares gained by 19.1 per cent or Rs 1.70. Its share price moved to Rs 10.60 from Rs 8.90. These positive developments attracted foreign investors as well. Over the last five days net foreign outflow reached more than Rs 1.6 billion. Expolanka stocks have become most sought after stocks in the market; its main shareholder H.G Holdings, being a foreign entity, is now looking at buying its shares from the local market, analysts said.

Both indices moved upwards. The All- Share Price Index gained 49.94 -points (0.54 per cent) to end the day at 9366.39 and S and P SL20 gained19.97 points (0.66 per cent) to end the day at 3039.38. Turnover stood at Rs 4. 136 billion with two crossings. Those two crossings were reported in Expolanka Holdings, which crossed 2.5 million shares to the tune of Rs 562 million; its shares traded at Rs 225 and Melstacorp 400,000 shares crossed to the tune of Rs 23 million, its shares traded at Rs 57.50.

In the retail market top seven companies that mainly contributed to the turnover were; LOLC Finance Rs 646 million (61.7 million shares traded), Lanka IOC Rs 573 million (2.8 million shares traded), Expolanka Holdings Rs 284 million (1.2 million shares traded), Browns Investments Rs 257 million (30.9 million shares traded), Agsta PLC Rs 116.7 million (7.2 million shares traded), CIC Holdings Rs 114 million (1.5 million shares traded) and LOLC General Insurance Rs 91.5 million (9.1 million shares traded). During the day 203 million share volumes changed hands in 37000 share transactions.

Yesterday the Central Bank announced the US buying rate as Rs 358.05 and the selling rate as Rs 369.02. The Central Bank’s prudential monetary policies have stabilized the rupee rate, financial observers said.



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Cabinet approves CECB as consultant for renovation of the Karainagar boat yard project

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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.]

 

 

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‘Transformative infrastructure’ installed at Colombo West International Terminal

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Making history: The 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

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Marine Tourism Roadmap for Sri Lanka launched by SLTDA

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Dignitaries at the Roadmap launch.

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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