The Asian Development Bank (ADB) and the University of Kelaniya organized the Sri Lanka Inter-University Make-A-Thon for Assistive Medical Technology from 22–24 February 2025 to come up with new solutions for affordable assistive medical technology devices.

This Make-A-Thon is supported by the Ministry of Education, the University of Colombo, the Open University of Sri Lanka, Thrimana 3D Printers, ATG Glove Solutions, Avon Pharmo Chem, Leeban Interiors, and FabLab Shinagawa, Japan. “I am thrilled to witness the creativity, empathy and passion of Sri Lankan youth making a social impact by providing customized but potentially scalable interdisciplinary solutions within this limited time,” said ADB Country Director for Sri Lanka Takafumi Kadono. “I hope that this Make-A-Thon event will bring a lasting impact for mainstreaming affordable assistive health technology service delivery to the doorstep of people with disability in Sri Lanka.” The event brought together over 150 participants, including people with disabilities as need knowers, university students and faculty members whose majors are engineering, technology, medical, designing occupational therapy, speech and language therapy from 9 universities, and digital fabrication experts to co-create human-centered assistive devices.

The event was held at the new platinum-rated green building facilities at the Faculty of Computing and Technology, University of Kelaniya, developed under the ADB-funded Science and Technology Human Resource Development Project. The event showcased Sri Lankan university students’ creativity producing affordable assistive medical technology solutions— costing less than $1 per device, thereby reducing reliance on imports. Senior Professor Nilanthi De Silva, the Vice Chancellor of the University of Kelaniya said “More than just a competition, the Make-A-Thon could combat the stigma attached to the people with disability.

This interdisciplinary collaborative event fostered innovation to develop practical solutions to real-world disability challenges through participatory processes.” Thirteen groups successfully developed 3D-printed assistive device prototypes for people with disability based on the interdisciplinary support from the University of Kelaniya led by the Faculty of Computing and Technology as well as the Department of Disability Studies of the Faculty of Medicine. The Japanese digital fabrication experts, funded by the Japan Fund for Prosperous and Resilient Asia and the Pacific grant, provided guidance for this event.

‘Sri Lankans have shown remarkable resilience, but further austerity is untenable’

By Sanath Nanayakkare

Sri Lanka must sustain annual economic growth exceeding 5% to achieve debt sustainability and resume full debt repayments by 2028, ensuring the financing of essential imports and safeguarding social and political stability, asserted Dr. Indrajit Coomaraswamy, former Central Bank Governor. He said so while speaking at the Centre for Poverty Analysis (CEPA) symposium, ‘Crisis-Driven Poverty’, held on February 27, 2025, at the Colombo Hilton.

Highlighting the urgency of structural reforms, Dr. Coomaraswamy, the keynote speaker of the event stressed, “Steady growth beyond 2028 is critical for poverty reduction and inclusive development. Without reforms, debt sustainability could unravel, risking another restructuring that would test public patience and destabilize society.

Dr. Indrajit Coomaraswamy

Reflecting on stalled progress, he noted, “Reforms in factor markets, state-owned enterprises, trade policy, and skills development were proposed 45 years ago. Yet, political incentives and powerful vested interests, businesses, unions, or others—have persistently obstructed change.” He expressed cautious optimism about the current government’s pragmatism under President Anura Kumara Dissanayake, praising its adherence to a robust macroeconomic framework post-election—a rare commitment in Sri Lanka’s history, while mentioning the role of Former President Ranil Wickremesinghe in introducing and pursuing it.

The symposium featured findings from CEPA’s 2023 survey of 5,000 households, partially funded by the Asian Development Bank (ADB). The study expanded with independent financing to include an additional 2,500 households, analyzed poverty through both expenditure-based metrics and the Multidimensional Poverty Index (MPI). It assessed the socioeconomic impact of Sri Lanka’s crises and the efficacy of social protection programs.

The event brought together government officials, donors, civil society groups, and academics to strategize on poverty alleviation. Dr. Coomaraswamy warned, “Delayed reforms risk entrenching poverty and compounding debt challenges. Sri Lankans have shown remarkable resilience, but further austerity is untenable.”

His remarks underscored the delicate balance between economic discipline and social equity, urging swift action to secure long-term stability.

Profit After Tax of LKR 17 bn. up 46.5% YoY

Nations Trust Bank PLC reported strong financial results for the twelve months ending 31st December 2024, achieving a Profit After Tax (PAT) of LKR 17 Bn, up 46% YoY.

Nations Trust Bank, Director and Chief Executive Officer, Hemantha Gunetilleke, stated, “The Bank’s performance for the twelve months ending 31st December 2024 showcases our continued growth and expansion across diverse customer segments. Our solid capital position, strong liquidity buffers, effective risk management frameworks, and steadfast commitment to service excellence and digital empowerment remain the key drivers of our success.”

Improvements in the macro-economic environment and successful management of the Bank’s credit portfolio resulted in total impairment charges decreasing by 69% and the Net Stage 3 ratio reducing to 1.6%.

The Bank’s financial performance is supported by its strong capital buffers, with Tier I Capital at 21.47% and a Total Capital Adequacy Ratio of 22.66%, well above the regulatory requirements of 8.5% and 12.5%, respectively.

A strong liquidity buffer was maintained with a Liquidity Coverage Ratio of 320.56% against the regulatory requirement of 100%.

The Bank reported a Return on Equity (ROE) of 24.22%, while its Earnings Per Share for the twelve months ending 31st December 2024 increased to LKR 50.82, against LKR 34.70 recorded during the same period last year.