Business
CDB wins Finance Services & Insurance Category at ACCA Sri Lanka Sustainability Reporting Awards
Has won five times in past award ceremonies organized by ACCA Sri Lanka
In recognition of excellence in sustainability reporting, Citizens Development Business Finance PLC (CDB) won one of the most prestigious awards in sustainability reporting in the country at a gala ceremony held recently. The Association of Chartered Certified Accountants Sri Lanka in its 19th annual ACCA Sri Lanka Sustainability Reporting Awards bestowed the Finance Services & Insurance Category win on CDB reaffirming the Company’s commitment to transparency, accountability and sincerity of action.
CDB has had a regular presence at these awards in past years, having won five times including being adjudged a joint winner and runner up four times in this category. The Company’s consciousness and commitment to sustainability in the 3Ps of People.Planet.Profit also saw it recently be among the Ten Best Corporate Citizens in Sri Lanka for the fifth consecutive year at the Best Corporate Citizen Sustainability Awards organized by the Ceylon Chamber of Commerce.
Accepting the award on behalf of CDB, Director/Deputy CEO/CFO Damith Tennakoon stated that, “Sustainability reporting is seen as an enabler of the Sustainable Development Goals (SDGs) which CDB is very committed to, as sustainability is intertwined inextricably to our business model. At a time when the world and our nation is facing socio-economic crisis of unforeseen magnitudes, the SDGs remain more relevant to us than ever. We are honoured that our efforts in reporting an integrated approach to sustainability will lead the way in accelerating progress towards not just the Company’s, but Sri Lanka’s goals as well.”
Appreciating CDB’s stakeholders in always pushing the company to raise the bar, Tennakoon firmly believes that by every stakeholder taking ownership of this sustainability strategy, CDB is empowered to push its goals of financial inclusivity and innovation to establish a smarter and sustainable Sri Lanka.
The ACCA Sustainability Reporting Awards are held worldwide in over 25 countries with over 3,000 entities vying for recognition in sustainability reporting. The awards give credence to an organisation’s sustainability practices with recognition of the strong links between business strategy, corporate governance and sustainability. It rewards disclosure of full sustainability information and encourages the uptake of reporting to raise awareness in corporate transparency, accountability, responsiveness and sincerity of action.
Sustainability Executive of CDB Vajeesha Edirisinghe recieving the award from Chief Guest UNFPA Resident Representative Kunle Adeniyi, while ACCA Head of the South Asia Cluster Nilusha Ranasinghe, President of the Member Network Panel ACCA Sri Lanka Jehan Perinpanayagam nd CDB Team members are at the presentation
Business
Sri Lanka introduces landmark food & beverage regulations
The Sri Lankan government has announced new restrictions on marketing food and beverages to children, effective January 1, 2025, under the Food (Labelling & Advertising) Regulations 2022.
The Ceylon Chamber of Commerce, through its Food & Beverage Steering Committee, was a key partner in shaping these regulations by providing inputs on food science, nutrition, international regulatory practices, and legal frameworks during an over decade-long consultation process with the Ministry of Health.
Under the new rules, the industry must ensure that children under 12 are not featured in advertisements for F&B products. Further, the industry must ensure that F&B products are not advertised or promoted to children below 12 years without prior approval from the Ministry of Health.
Additionally, updated food labelling requirements, effective July 1, 2025, will empower consumers with essential information, including nutritional values and detailed ingredient lists, to make informed food choices. These updates address gaps in the regulations established in 2005 and align the framework with international standards.
Buwanekabahu Perera, CEO of The Ceylon Chamber of Commerce, stated:
“We commend the Ministry of Health for modernising Sri Lanka’s food regulatory framework after 20 years. Transitioning entrenched industry practices will be challenging for businesses, from SMEs to large-scale operators. However, it is vital to balance consumer protection with the continued availability of packaged food, and preserving longstanding brand equity. A corrective and collaborative approach to implementing these regulations will be important to ensure a smooth transition.”
(CCC)
Business
USD 40 million five star resort to be powered entirely by renewable energy
By Ifham Nizam
In a bold step to transform the tourism landscape of Sri Lanka’s Sabaragamuwa Province, a groundbreaking USD 40 million ecotourism project is set to take shape in the serene town of Uda Thimbiriya, Bulathkohupitiya. The “Thimbiriya Skyline Resorts,” a luxury 100-room, five-star resort, will be built on sustainable principles, powered entirely by renewable energy and achieving net-zero carbon emissions.
At the helm of this ambitious venture are two visionaries: Mrs. Elisabeth Berg Khan, an economist with a passion for green innovation, and Dr. Sikander Khan, a renowned professor and CEO of Peak Education Ltd., based in Stockholm, Sweden. Partnering with them was Hewage Upananda Karunaratne, the head of UDS Agro Holdings. ‘Together, they formed an alliance built on mutual respect and a shared dream: to create an eco-tourism marvel that would redefine hospitality, knowledgeable sources said.
The resort will be a pioneer in green tourism, integrating 1 MW agrivoltaic solar energy systems to support its operations, ensuring a fossil fuel-free environment. The project, which is a collaborative effort between international and local experts, boasts an ambitious design that includes energy-producing facades, building-integrated photovoltaics, and passive house components, such as enhanced insulation and energy-efficient windows.
At the forefront of this initiative is Major General Nimal Krishnaratne (Rtd), the Project Coordinator. With extensive experience in leadership and coordination, Major General told The Island Financial Review that the resort will not only attract international tourists but also foster significant local employment and skill development.
“This ecotourism project is more than just a hotel; it is an opportunity to uplift the entire community. With around 120 direct job opportunities and the training of local youth in marketable skills, we are helping to raise the standard of living in the area, he said.
The USD 40 million investment, with 99% of the funding sourced from foreign direct investment (FDI), will also have far-reaching social benefits. A portion of the proceeds will be allocated to community initiatives, such as healthcare, housing, and environmental development, particularly focusing on flora and fauna protection. Additionally, the project aligns with several of the United Nations’ Sustainable Development Goals (SDGs), underlining its commitment to sustainability and inclusive growth.
The resort’s location on eight acres of land, with five acres dedicated to hotel facilities and three acres for the solar farm, further emphasizes its focus on green infrastructure.
According to Major General Krishnaratne, this project is a perfect example of how tourism can be developed sustainably, creating a model for future projects across the region. “Once operational, this resort will not only be the first five-star hotel in the Sabaragamuwa Province but will also set a global standard for ecotourism, he remarked.
Already approved by the Sri Lanka Tourism Development Authority (SLTDA) with preliminary clearance, the Thimbiriya Skyline Resorts project will be a milestone for both the local economy and Sri Lanka’s tourism sector. The resort will help bring international attention to the area, boosting tourism and supporting the country’s broader goal of becoming a global ecotourism destination.
Major General added: “This project represents a unique synergy between sustainable development and tourism, one that we believe will create lasting positive impacts for generations to come.”
Business
Vision Care opens second Homagama branch, expanding access to top-notch eye care solutions
Vision Care, Sri Lanka’s leading provider of vision, hearing, and eyewear solutions, opened its second branch in Homagama, marking a significant step in its mission to bring high-quality eye and hearing care to every corner of the country. In celebration of the opening, Vision Care also conducted an eye and ENT camp at the branch premises, offering free consultations and basic healthcare services to the public.
The opening ceremony was graced by esteemed guests, including renowned,Dr Lalantha Gurusinghe – Consultant Vitreo Retinal Surgeon (Colombo south teaching hospital & National eye hospital), Dr M D S Guneyilleke – Consultant eye surgeon (National eye hospital)
along with Vision Care’s Chairman Dasantha Fonseka, Managing Director Janaka Fonseka, several staff members, and well-wishers. This event celebrated the brand’s dedication to serving regional communities. Located in the center of Homagama city, the new branch minimizes travel time for residents while ensuring accessibility to all. Combining convenience with exceptional service, the branch features modern interiors, ample parking, and a welcoming atmosphere, providing customers with a seamless experience as they access expert care and premium products.
The newly opened Homagama branch offers a wide range of services, including eye tests, hearing assessments, and a curated collection of eyewear brands and hearing aids. Customers can explore stylish, high-quality frames and sunglasses from global brands such as Ray-Ban, Vogue, Polaroid, and Vintage. Additionally, the branch features advanced hearing aids from Oticon and Starkey, catering to both adults and children. With state-of-the-art technology and a team of experienced professionals, the branch ensures reliable, personalized solutions for every customer.
For over 30 years, Vision Care has been a trusted name in the eye and hearing care industry. Its unwavering commitment to innovation and customer satisfaction continues to set benchmarks, ensuring every location reflects the brand’s promise of excellence.
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