Business

Mangrove restoration seen as creating jobs and promoting rural economic vibrancy

Published

3 months ago

2026/07/1

Prof. Sevvandi Jayakody: Gains from mangrove restoration

Mangrove restoration is emerging as a powerful rural economic development model, generating income, strengthening community enterprises, creating village savings schemes and opening new opportunities in nature-based tourism, according to leading marine scientist Professor Sevvandi Jayakody.

Speaking to The Island Financial Review, Professor Jayakody said ecosystem restoration should no longer be viewed solely as an environmental exercise but as a long-term investment that delivers measurable economic and social returns while safeguarding Sri Lanka’s natural capital.

“Restoration is helping the community in multiple ways. Let us go into the finances first, because money matters to everyone, Professor Jayakody said.

Using the Anawilundawa mangrove restoration initiative as an example, she explained that every visitor to the area contributes directly to the local economy. Community members prepare meals, provide services and receive income, while part of the earnings is channeled into a community-managed revolving fund.

“Like you are here today, and you enjoyed their food. That is an income for the community. It also builds community pride because everyone loves to see visitors enjoying what they have to offer, she said.

Beyond immediate earnings, the project has become an engine for rural entrepreneurship. A percentage of every payment made by visitors is saved collectively, enabling villagers to build a community fund that finances small loans, purchases equipment and supports local enterprises.

“Every time we have visitors, the community provides the food and saves part of the income. That has now become their community fund. They are using it to provide loans to members, buy equipment, from cutlery to pottery, and organise themselves much better, she explained.

Jayakody said the initiative demonstrates that environmental restoration can become an economic asset when local communities are positioned as partners rather than spectators.

Equally important is the investment in human capital. Through education and continuous engagement, villagers have acquired scientific knowledge that enables them to identify mangrove species, monitor flowering and fruiting cycles, collect propagules responsibly and participate actively in ecosystem management.

She stressed that her vision extends beyond conventional eco-tourism.

“Nature-based tourism is about working with nature and ensuring that it is in a better condition than when we started. It is not simply using nature for tourism. The goal is to continuously improve the ecosystem while creating sustainable economic opportunities for local communities, she said.

By Ifham Nizam

All News Advertisement

Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

18 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

18 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

18 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.