Business
ICTA launches ‘10,000 IDEAS’ to foster NextGen tech entrepreneurs
The Information and Communication Technology Agency of Sri Lanka (ICTA), the apex ICT institution of the Government and a catalyst in driving the startup ecosystem forward, recently launched the’10,000 Ideas’ national tech innovation program with an aim to empower the next generation of tech entrepreneurs along with startup ecosystem enablers. Facilitated by ICTA in collaboration with startup ecosystem enablers and partners for entrepreneurs, ‘10,000 Ideas’ sets the tone to achieve ICTA’s vision of establishing 1,000 tech startups by 2024.
ICTA through this initiative supports anyone with an innovative technology-based business idea, from school aged children onwards, who are willing to kick start their entrepreneurship journey by bringing them together to a globally scalable platform for them to come up with innovative ideas, validate a business plan whilst helping them to convert their ideas to successful businesses. In doing so, ICTA along with the partners hope to generate high quality and globally scalable business ideas from all parts of the country and benchmark global standards for tech entrepreneurship. ICTA will then facilitate these individuals/groups by connecting them further with the ecosystem of partners who will help them through mentoring, training, networking, funding etc.
Commenting on the ICTA’s latest entrepreneurship drive, Anura De Alwis, Chief Digital Economy Officer, ICTA shared, “We are indeed proud to set the stage for the next generation to thrive as successful entrepreneurs. Tech or tech-enabled businesses have a huge potential to succeed in the global arena with the level of assistance we can offer together with our partners. Our core message is to encourage innovative business ideas as ICTA and our partners are there to guide you in the entrepreneurship journey under this ‘10,000 Ideas’ initiative. This would indeed be a collaborative effort through which we can contribute to the growth of the economy and achieve individual aspirations as well.”
While creating a level playing field for more and more ideas to emerge from every corner of the island, ‘10,000 Ideas’ will be instrumental in creating a supportive structure for entrepreneurial activities in Sri Lanka, empowering the community building and education sector with an entrepreneurship-led approach and creating interest in entrepreneurship from the very young ages.
“We have implemented numerous ideation-level programs through the strong network of 20 University Student Branches of IEEE Sri Lanka Section, including University Level Hackathons and National Level Programs like IEEE Innovation Nation Sri Lanka. With the involvement through these, we have seen that it is needed to have a sound support system while having their ideas brought up to a recognizable level through mentors via a good standardized framework.
“Filling the gap between having an idea and building that up to a product, the ‘10,000’ Ideas campaign allows future entrepreneurs to rise above the ideation level. This initiative will give Start-up Industry massive support from the ecosystem collaborators of the program. With that, we at IEEE are more than happy to get on board with this initiative hoping to reach towards the common goals of Sri Lanka together.” says Dhammika Marasinghe – IEEE Sri Lanka Section, Student Activities Chair.
“10,000 idea launch is a great start to inspire youth to identify some crucial problems and to find solutions with the help of technology. The structured process which will be introduced through this programme will definitely help someone to bring their ideas to life and start their own venture by providing guidance and mentoring. Once these companies start growing and scaling, they will create a lot of job opportunities. It is also crucial to take this to the rural areas of the island and to work at the grass root level too.” says Ms. Abarnah Kirupananda – Yarl IT Hub, Organizing Chair – Yarl Geek Challenge.
The Ceylon Electricity Board (CEB) has announced an international call for proposals to develop two 50 MW wind farm facilities in Mullikulam on a Build, Own & Operate (BOO) basis. The initiative aims to bolster Sri Lanka’s renewable energy capacity, aligning with the government’s strategy to increase the share of clean energy in the national grid.
The bidding process, launched on behalf of the Cabinet Appointed Negotiating Committee, invites local and international project proponents to finance, design construct and maintain the wind farms under a 20-year agreement. The deadline for proposal submissions is June 12, 2025.
A senior electrical engineer at the CEB, speaking on the significance of the project, told The Island Financial Review: “This initiative is a crucial step towards achieving Sri Lanka’s renewable energy goals. Wind power is a key component of our strategy to reduce reliance on fossil fuels and enhance energy security.”
According to the CEB, interested parties can obtain the Request for Proposal (RFP) document by paying a non-refundable fee of Rs. 300,000 (or USD 1,035 for foreign applicants). The RFP provides comprehensive details on project requirements and evaluation criteria.
“Given the global shift towards clean energy, we expect strong interest from both local and international developers. This project not only supports our sustainability targets but also creates investment opportunities in Sri Lanka’s energy sector, the engineer added.
The wind farm project is part of a broader initiative to achieve 70% renewable energy generation by 2030, a key target set by the Ministry of Energy. Experts believe that projects like these will play a vital role in stabilizing electricity supply and reducing carbon emissions.
by Ifham Nizam
LOLC once again emerges as the “People’s Financial Services Brand of the Year”, securing the prestigious title bestowed at the SLIM Kantar People’s Choice Awards 2025 for an unparalleled ninth consecutive year. This recognition, conferred through a comprehensive consumer research, reflects the brand’s firm connection with the Sri Lankan people and its consistent leadership in financial services.
Unlike many industry awards, the SLIM Kantar People’s Choice Awards is determined by independent consumer research conducted by Kantar, a global leader in brand insights. Instead of relying on a judging panel, this recognition is purely based on public perception, brand recall, and customer loyalty, making it one of the most authentic measures of a brand’s standing. Securing this title for ninth consecutive years highlights LOLC’s deep-rooted connection with its customers and its ability to evolve with their changing needs while maintaining a firm commitment to excellence.
Kapila Jayawardena-
Group Managing
Director/CEO of LOLC
Holdings PLC
LOLC’s continued success is driven by its assurance to financial empowerment, innovation, and inclusiveness. It has redefined accessibility to financial services by reaching underserved communities and pioneering digital transformation. Beyond its core financial solutions, LOLC is a brand that stands with the people, for the people, embodying resilience and hope through the years. In times of crisis, be it economic hardships or global disruptions, LOLC has remained a pillar of strength, stepping in when the nation needed it most. This deep-rooted connection with the people is what truly sets LOLC apart. The company has also been recognized for initiatives that create real social impact, such as the Divi Saviya Humanitarian Project, which uplifts vulnerable communities through sustainable support.
Orient Finance PLC has reported an outstanding financial performance for the nine-month period ended December 31, 2024, showcasing significant growth in key financial indicators compared to the corresponding period in 2023.
The Company recorded a remarkable 161% increase in profit after tax, reaching Rs. 254.6 million compared to Rs. 97.6 million in the same period of the previous year. Net interest income surged by 37%, amounting to Rs. 1.66 billion from Rs. 1.21 billion, demonstrating strong portfolio growth and enhanced operational efficiencies.
Total assets expanded by 28%, rising to Rs. 25.3 billion, while loans and receivables increased by 36% to Rs. 19.76 billion. The Company’s deposit base grew to Rs. 15.12 billion, marking a 19% increase, reflecting continued customer confidence. Meanwhile, total equity improved by 12%, standing at Rs. 3.86 billion.
Earnings per share (EPS) grew 163% to Rs. 1.21, up from Rs. 0.46, while net assets per share (NAPS) rose by 12% to Rs. 18.27.
For the month of December 2024, Orient Finance reported a Cost-to-Income Ratio of 68%, reflecting continued efforts towards cost management amidst challenging market conditions. The Gross Non-Performing Loan (NPL) Ratio stood at 9.62%, while the Provision Cover was maintained at a healthy 65.37%, demonstrating company’s prudent approach to credit risk management. As the quarter ended 31st December 2024, Orient Finance’s Tier 1 Capital Ratio stood at 13.14%, with the Total Capital Ratio recorded at 13.16%, both remaining comfortably above the minimum regulatory requirements.
Commenting on the results, Rajendra Theagarajah, Chairman of Orient Finance PLC, stated, “These exceptional results underscore our commitment to sustainable growth and operational excellence. Our focus on innovation and customer-centric financial solutions has strengthened our position in the market. As we continue to evolve, we remain dedicated to offering innovative financial products that meet the diverse needs of our customers while driving long-term shareholder value.”
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