Business
ADB supports Sri Lanka to boost female entrepreneurship, officiates national rollout of WE Finance Code
In a landmark move to dismantle barriers for women entrepreneurs, Sri Lanka nationally adopted the Women Entrepreneurs Finance Code (WE Finance Code) in collaboration with Asian Development Bank (ADB) in Colombo on March 18.
The Code which is a global framework to drive gender-inclusive economic growth was launched at a high-profile ceremony in Colombo, where ADB Country Director Takafumi Kadono underscored the transformative power of investing in women-led businesses, spotlighting Pradeepa Nilanthi, a handbag entrepreneur from Monaragala, as a symbol of resilience and progress.
Kadono anchored his keynote speech in the story of Pradeepa, who in 2014 launched her handbag business with modest means. In 2019, she accessed a loan and grant through ADB’s Women Entrepreneurs Finance Initiative (We-Fi), enabling her to double daily production from 2,500 to 5,000 bags and employ 14 women in her community.
“Women entrepreneurs like Pradeepa are not just business owners—they are job creators, innovators, and pillars of resilience,” Kadono declared, drawing attention from policymakers and financial leaders.
The newly adopted WE Finance Code commits Sri Lanka to support women-owned businesses by standardizing data collection to tailor policies and sex-disaggregated reporting mandated by the Central Bank for financial institutions to track gender gaps.
“This Code isn’t just about data—it’s about leadership and action,” Kadono stressed, applauding 13 financial institutions that signed as inaugural champions in developing loans and services targeting women’s needs.
With Sri Lanka’s female labour force participation stagnating near 30%, Kadono argued that empowering women entrepreneurs is a national economic imperative. “When women hire, they hire women. So, investing in them creates a multiplier effect,” he noted,
While celebrating the Code’s adoption, Kadono cautioned that the “real journey begins now,” and called for annual public reporting on gender-disaggregated data, innovative financial products and gender-responsive policies that can better support women entrepreneurs to thrive.
In 2018, ADB introduced the We-Fi programme, mobilising a grant of $12.5 million, focusing on blended finance through partner banks to increase women entrepreneurs’ access to finance. This was complemented by technical assistance to strengthen policymaking for women entrepreneurs, and to provide financial skills training for women entrepreneurs. Through this ADB We-Fi programme, over 1,500 women-owned SMEs have had access to finance, and 620 have had access to financial skills training. Further, the SME Connect platform initiated under the We-Fi program is enabling a larger number of women entrepreneurs to access information and trainings online and creating opportunities for networking and mentoring. These investments in women-owned businesses have proven to have had both strong financial as well as social impacts, that go beyond the businesses.
By Sanath Nanayakkare
Business
World Bank puts USD 110m into climate-resilient road rebuilding
By Ifham Nizam
The World Bank has approved USD 110 million in additional financing to rebuild around 600 kilometres of roads damaged by Cyclone Ditwah, with the investment aimed not merely at restoring connectivity but at making critical transport infrastructure more resilient to future climate shocks.
The financing comes against a much larger recovery requirement for the transport sector, estimated at USD 1.31 billion, highlighting the scale of the infrastructure challenge following one of the most destructive weather disasters to hit the country in recent years.
The World Bank said the additional financing, provided through the International Development Association (IDA) Crisis Response Window, would support road reconstruction incorporating improved drainage, landslide protection and upgraded engineering standards.
‘Cyclone Ditwah has had a devastating impact on connectivity across Sri Lanka, but rebuilding also gives us an opportunity to build back stronger, said Gevorg Sargsyan, World Bank Group Country Manager for Sri Lanka and Maldives.
The World Bank said the programme would go beyond repairing damaged roads, helping reconnect farmers with markets, communities with essential services and households with economic opportunities.
The additional financing will extend the Inclusive Connectivity and Development Project (ICDP) by three years, taking total World Bank transport investment under the operation to USD 610 million.
The World Bank’s December 2025 GRADE assessment estimated Cyclone Ditwah had caused USD 4.1 billion in direct physical damage, equivalent to around four percent of GDP. Infrastructure accounted for approximately USD 1.735 billion, or 42% of the total, with roads, bridges, railways and water systems among the heavily affected assets.
The Bank has stressed that the USD 4.1 billion estimate measures direct physical damage and does not include income or production losses or the full cost of recovery and reconstruction.
The transport sector alone suffered extensive disruption, making the rebuilding of road networks a critical component of the broader economic recovery.
The latest USD 110 million package is expected to directly benefit more than 830,000 people, while nearly two million people across eight districts are expected to benefit from improved connectivity.
The programme is also expected to support employment during reconstruction and improve market access for approximately 22,000 tea, vegetable and paddy farmers.
The World Bank’s intervention therefore combines immediate disaster recovery with a longer-term infrastructure objective: ensuring that money spent on reconstruction does not simply restore roads to their pre-disaster condition but reduces their vulnerability to the next extreme-weather event.
That approach is becoming increasingly important as climate-related disasters place additional pressure on already constrained public finances.
Rebuilding the same infrastructure repeatedly after floods, landslides and other disasters carries a significant economic cost, making resilience an increasingly important part of infrastructure investment decisions.
Business
SLIC Life offers Rs.1million free life cover to parents of children born on World Children’s Day 2026
In celebration of World Children’s Day 2026, Sri Lanka Insurance Life (SLIC Life) has once again extended a Rs. 1 million free life insurance cover to the parents of every child born on 1 October 2026, across Sri Lanka. Now in its fifth consecutive year, the initiative was implemented island-wide, covering hospitals across the country and enabling parents of newborns to benefit from this special offering.
Beyond providing financial protection, the initiative seeks to highlight the importance of planning for a family’s financial security from the very beginning of a child’s life.
“The birth of a child marks the beginning of a new journey filled with hopes, dreams and aspirations. At SLIC Life, we believe that protection should begin from the very start of that journey. Through this initiative, we aim to create greater awareness of the importance of planning ahead and the role life insurance can play in safeguarding families against life’s uncertainties. As we continue this initiative for the fifth consecutive year, we remain committed to extending meaningful protection to Sri Lankan families and contributing towards a more secure future for the next generation,” said Dr. Sameera Dharmasena, Chief Executive Officer of SLIC Life.
Launched in 2022 as part of SLIC Life’s Corporate Social Responsibility (CSR) programme, the World Children’s Day initiative was introduced with the aim of supporting parents and strengthening financial security for families at an important stage in their lives. Over the years, the initiative has become a significant part of SLIC Life’s annual CSR calendar, reflecting the company’s broader commitment to children, families and communities.
SLIC Life’s commitment to children and education extends across several long standing CSR initiatives. The ‘Pasal Piriyatha Surakimu’ programme, launched in 2007, has benefited over 3,365 underprivileged schools through initiatives including classroom refurbishments, water facilities, libraries and learning resources. The 2026 edition of the programme is scheduled to be carried out in November, continuing SLIC Life’s efforts to enhance learning environments for children across the country. Complementing this, the ‘Suba Pathum Scholarship Programme’, which has been conducted since 2014, has now awarded 2,425 scholarships valued at Rs. 265 million to children of policyholders who demonstrate excellence in national examinations. The programme reflects SLIC Life’s continued focus on supporting educational aspirations and creating opportunities for the next generation.
Children remain at the heart of SLIC Life’s commitment to building a more secure future. Through the annual World Children’s Day initiative and its wider CSR programmes, SLIC Life continues to demonstrate that the value of insurance extends beyond financial protection, contributing to stronger and more resilient families and communities.
Business
HelpAge thanks donors for helping in carrying out free cataract surgery program
At a recent seminar HelpAge Sri Lanka (HASL) thanked local and foreign donors for strengthening the on-going free cataract surgeries program conducted by HelpAge Eye Hospital, Wellawatta for less- privileged elders over 55 years.
According to HelpAge Eye Hospital statistics the free cataract surgery programme was commenced in 2002 and over 55,000 surgeries have so far been performed for elderly citizens.
Head of HelpAge Eye Hospital Mahanama Wijesinghe said needy persons over 55 years of age could contact the hospital on telephone numbers 0112555759 and 0112589450 for free cataract surgeries.
‘Steps have been taken to conduct surgeries within a short duration of 30 days after attending the Eye Hospital clinic, he said.
Wijesinghe thanked all donors for their donations towards helping underprivileged citizens of the country.
HelpAge, Executive Director Dr. Harsha Bandara said HelpAge also conducts free medical and eye camps for needy elders and thanked donors for their donations towards this meritorious cause.
He requested philanthropists and donors to make their contributions for the sake of the needy.
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