Business
SDC, CCC and SLBA explore Blended Finance instruments to support agricultural transformation
The 2024 Financing for Sustainable Development Report reveals that nearly USD 4.2 trillion is needed annually worldwide to meet the Sustainable Development Goals (SDGs) by 2030. Developing countries, including Sri Lanka, face a significant funding gap and it is estimated that they may require an additional USD 2.5-3.0 trillion each year to realistically meet these targets. However, many developing countries face diverse financial constraints which create additional challenges when investing in vital sectors to deliver economic, social, and environmental benefits.
Sri Lanka’s agriculture sector is in urgent need of modernization. Despite employing over 25% of the workforce and utilizing over 50% of land, low productivity and disaggregation in the sector limits its contribution to GDP at under 10%. Agriculture is vital for the economy and achieving the SDGs, such as in food security, climate resilience, and employment. However, agribusinesses, entrepreneurs, communities and other stakeholders face numerous risks and must transition to more sustainable, climate-friendly and resilient agricultural practices. Building resilience in agriculture, given the challenges posed by climate change, requires significant investments in climate-smart agricultural practices and value chains. This improves productivity, manages risks, and minimizes negative environmental or socioeconomic impacts.
The Sustainable Development Council of Sri Lanka (SDC) (as the nodal government agency on sustainable development), the Ceylon Chamber of Commerce (CCC) (as a leading private sector advocate for sustainable economic growth) and the Sri Lanka Banks’ Association’s Sustainable Banking Initiative (SLBA SBI) (as an advocate for a sustainable financial system) commenced a tripartite collaboration in 2023 to explore multiple sustainable finance innovations including the formation of a Blended Finance Facility (BFF) to address market failures in high-impact sectors, such as the agricultural and food sectors.
The three agencies have emphasized the need to overcome structural barriers to investment in the sector, such as risk perception, weak infrastructure and policy uncertainty, to ensure that government efforts can be supported by private sector investment. Given the fiscal constraints of the government in the economic recovery processes, it is essential that public sector efforts enable private finance to support sustainable development.
Blended finance leverages public or philanthropic capital to attract private sector investment for sustainable development. A BFF can help implement sustainable practices by pooling resources from various stakeholders with different risk, return, and impact preferences. It can also be used to aggregate high-impact investment opportunities in agri-food value chains. A BFF would set a legislative, regulatory and policy precedent that could be applied to other high-impact sectors to ensure that private investors are incentivized to invest in businesses, industries and infrastructure that serves Sri Lanka’s economic, social and environmental outcomes.
To support the collaborative efforts of the SDC, CCC and SLBA SBI during the last ten months towards setting up a BFF in the agriculture sector, they welcomed Samuil Shiderov, Blended Finance Expert at the Sustainable Finance Hub under the United Nations Development Programme. Shiderov undertook a mission to Sri Lanka to provide expertise advise on country/market assessment, suitability of proposed models, identification of relevant financing actors (local and foreign) and the assessment of capacities of relevant actors, guidance on governance structures, de-risking tools etc.
During the mission, consultations were held with the recently established National Credit Guarantee Institute, the Securities and Exchange Commission, the Secretary to the Treasury Mahinda Siriwardhane, the Senior Advisor to the President on Economic Affairs and Chair of the Presidential Task Force of Agriculture Modernization , Dr. R.H.S Samaratunga, Advisor to President on Climate Change and Green Finance, Dr. Ananda Mallawatantri, as well as with other senior government stakeholders.
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
Trump moves to close down Voice of America
Corbin Bosch served legal notice by PCB after late shift to IPL
US deports hundreds of Venezuelans despite court order
-
Foreign News2 days agoSearch continues in Dominican Republic for missing student Sudiksha Konanki
-
News5 days agoAlfred Duraiappa’s relative killed in Canada shooting
-
Features4 days agoRichard de Zoysa at 67
-
Editorial6 days agoGhosts refusing to fade away
-
Midweek Review5 days agoRanil in Head-to-Head controversy
-
Features4 days agoSL Navy helping save kidneys
-
Features6 days agoThe Gypsies…one year at a time
-
Latest News3 days agoDebutant Madara, Athapaththu fashion Sri Lanka women’s first T20I win in New Zealand