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ComBank sees need to play a ‘far more urgent and vital’ role against impacts of C19

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• Extends moratoriums on 81,387 loans with a total capital outstanding of Rs 443 billion during first and second waves

“We began the year on a celebratory note, with an ambitious portfolio of community initiatives to commemorate our 100-year history, but it soon became evident that we would have to play a far more urgent and vital role to underwrite the survival of people and businesses impacted by the effects of the pandemic,” Commercial Bank Managing Director S. Renganathan said in a press statement issued yesterday.

“We are proud to end the year as the leading provider of COVID-19 linked concessionary loans among the private banks, and the process continues,” he said.

ComBank statement said:

“The Commercial Bank of Ceylon provided new concessionary lending of nearly Rs 30 billion in 2020, its centenary year, to help Sri Lankans weather the impacts of the COVID-19 pandemic and ended the year as the most generous lender among the country’s private banks.”

“This high volume of concessionary loans was in addition to the relief the Bank granted to customers in the form of debt, capital or interest moratoriums on a staggering 81,387 existing loans with a capital outstanding of Rs 443 billion as well as repayment of outstanding credit card balances, the Bank disclosed this week.”

“The total of Rs 29.6 billion in COVID-19 support loans disbursed by the Bank as at 30th December 2020 under multiple relief schemes to provide working capital loans to pandemic affected businesses included loans provided under the Central Bank mandated programme as well as the Bank’s own support schemes.”

“Under the working capital loan scheme titled ‘Saubagya COVID-19 Renaissance facility’ launched by the Central Bank of Sri Lanka (CBSL), Commercial Bank registered 5,637 applications with a total value of Rs 28 billion over the three phases of the programme and disbursed 5,387 loans with a value of Rs 26.6 billion at the close of 2020. Notably, Commercial Bank disbursed the highest loan value within a short period during the first wave of the pandemic, and disbursed Rs 2.8 billion, Rs 17.7 billion and Rs 6.1 billion respectively under Phases I, II and III of the programme. Moreover, the Bank lent another Rs 1.4 billion under the Liquidity Facility for Contractors in the construction sector and other suppliers to the government.”

“Commercial Bank also funded two other special loan schemes of its own, one for SMEs affected by COVID-19 and the other the ‘Dirishakthi COVID-19 Support Loan’ scheme to assist micro enterprises disrupted by the pandemic. The Bank lent Rs 1.4 billion via 102 loans to help small and medium businesses and Rs 34 million via 313 loans to micro enterprises under these bank-funded loan schemes.”

“Taking on the mantle of the driving force in economic recovery in the post-pandemic period, the Bank grouped 12 different schemes implemented for affected businesses and individuals under the umbrella of the ‘Arunella’ Financial Support Scheme and extended these relief programmes beyond the mandated debt moratorium. These concessions included flexible payment options, up to 20% rebates on accrued interest during the moratorium periods, extension of moratorium periods for up to another six months, further reductions on Credit Card repayments and applicable interest rates, and Debt Consolidation Plans.”

“Commercial Bank became the first private bank in Sri Lanka to surpass Rs 1.5 trillion in assets, Rs 1 trillion in deposits, and Rs 900 billion in loans in 2020. The Bank also introduced several innovative products and services such as the upgraded online banking platform ‘ComBank Digital’ with multiple new and enhanced features, a trilingual multi-channel Integrated Contact Centre, and QR-enabled payment option for Credit Cards for the first time in the country and also introduced WhatsApp Banking for the first time in Sri Lanka”, the statement said.

The Bank also completed a landmark private equity placement with IFC in 2020. It launched CBC Finance Ltd., its fully owned Licensed Non-bank Finance Institution (NBFI) and installed its 250th Cash Recycler Machine (CRM) by the end of 2020, taking its network of automated machines to 905. The Bank increased its stake in Commercial Insurance Brokers, and its subsidiary CBC Myanmar Microfinance Ltd. expanded its operations by opening a branch in Pyinmana.

In the sphere of CSR initiatives, Commercial Bank donated Rs 10 million to the National COVID-19 Healthcare and Social Security Fund and joined forces with the Sri Lankan Army’s ‘Thuru Mithuru’ project focused on driving Sri Lanka towards self-sufficiency in essential food. Marching on with its contribution towards IT education in Sri Lanka, the Bank donated its 200th fully-equipped IT laboratory and set up Coding Clubs in 50 schools and initiated a project to established 100 STEM (Science Technology Engineering and Mathematics) classrooms in 100 schools as part of its 100-year celebrations. The Bank has also pledged to reforest 100 hectares of land in the dry zone of Sri Lanka to mark its centenary.



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Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration

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Containers held up at the Port of Colombo

By Ifham Nizam

The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.

Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.

‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.

For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.

Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.

‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other

Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.

He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.

‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.

For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.

Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.

Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.

‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’

He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.

Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.

Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.

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China backs Sri Lanka’s Non-aligned stance to counter regional pressures

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Chinese Ambassador Wei Huaxiang delivering the keynote address in Colombo

By Sanath Nanayakkare

As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.

In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.

By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.

The Strategic Value of Independence

For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.

Beyond Ports and Industrial Zones

This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.

By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.

As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.

For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.

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Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer

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Dr. Sameera Dharmasena

Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.

Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.

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