The Asian Development Bank (ADB) reaffirmed its commitment to advancing Sri Lanka’s sustainable finance sector during the Serendipity Knowledge Programme on Sustainable Finance, emphasising the country’s untapped potential to leverage capital markets for green investments.

Delivering the closing remarks at the event held on March 19, ADB Sri Lanka Country Director Takafumi Kadono underscored the bank’s role as a “trusted partner” in the nation’s sustainable finance journey, citing collaborative efforts such as the development of Sri Lanka’s green bond framework with the Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE).

“ADB is happy to have assisted the SEC and CSE in developing the green bond framework,” he stated, positioning the initiative as a milestone in diversifying financial instruments to attract foreign and local capital.

Kadono highlighted global precedents where sustainable finance flourished even in markets constrained by limited liquidity and product variety. “There is strong potential for sustainable finance using Sri Lanka’s capital market to attract funds,” he said, stressing that product innovation—such as green bonds—could catalyze growth while strengthening market depth. He pointed to the phased rollout of ESG (environmental, social, governance) disclosure standards aligned with IFRS, set to begin in 2025, as a critical step toward building investor confidence.

Sri Lanka’s existing frameworks, including the Central Bank’s 2019 Sustainable Finance Road Map and 2022 green taxonomy guidelines for banks and non-banking institutions, were praised by him as foundational achievements.

ADB Sri Lanka Country
Director Takafumi Kadono

However, Kadono emphasized the need for broader corporate compliance with disclosure norms, capacity-building, and policies that incentivize ESG innovation. “Today’s discussions emphasised raising awareness and fostering an ecosystem where ESG goals can thrive,” he noted, linking these efforts to attracting global investor attention.

Beyond green bonds, ADB’s support spans banking reforms, SME finance, and the establishment of the National Credit Guarantee Institution—initiatives aimed at stabilizing Sri Lanka’s financial ecosystem.

Looking ahead, Kadono revealed plans to prioritize digital finance and fintech to accelerate financial inclusion, stating, “ADB will elevate its support to enhance digital finance in Sri Lanka.”

Kadono lauded the Sri Lankan government’s vision for greening the financial system but urged sustained collaboration to implement reforms. “The discussions today are just the beginning—success will require decisive leadership and resilience,” he concluded, reiterating ADB’s long-term commitment to the country’s sustainable finance goals.

The event, attended by policymakers, financial experts, and global stakeholders, spotlighted Sri Lanka’s incremental progress and the strategic role of capital markets in aligning economic growth with climate resilience. With ADB’s backing, the nation now faces the challenge of translating dialogue into actionable frameworks that unlock sustainable investment.

By Sanath Nanayakkare

ALFT Packaging, Sri Lanka’s pioneer in Flexible packaging, successfully concluded an exclusive three-day masterclass titled ‘Unboxing the Future of Flexible Packaging’ in partnership with Miraclon, a frontrunner in the global shift to flexography. The industry-first event, held on 3-5 March in Colombo, connected Sri Lanka’s leading consumer goods manufacturers and brand owners to explore revolutionary approaches to packaging design, technology, and sustainability.

The masterclass featured renowned packaging expert speakers Steve Smith, who has transformed the print and packaging industry across Asia Pacific with over 40 years of expertise in Modern Flexo technologies, and Hersh Lulla, who provided valuable insights on innovation and market trends.

The event attracted an impressive lineup of Sri Lanka’s most prominent companies, including Nestlé Sri Lanka, Unilever Sri Lanka, CBL Group, Maliban Group, Prima Ceylon, Hettigoda Industries, Keells Foods, Hayleys PLC, Ceylon Chocolates, Milco, and other industry leaders. The diverse attendance covered the food and beverage, personal care, and consumer goods sectors, reflecting the universal importance of innovative packaging solutions across industries.

Lakshman De Fonseka, Chairman, ALFT Packaging said, “We are committed to driving the evolution of flexible packaging excellence in Sri Lanka. The masterclass represents our dedication to bringing world-class expertise and cutting-edge technologies to local brands, enabling them to compete confidently on the global stage. The enthusiastic participation from Sri Lanka’s most prestigious brands confirms that packaging innovation has become a strategic imperative for business growth and consumer engagement.”

Lanka India Business Association (LIBA) is now in operation in Sri Lanka to further enhance the already close ties between Indian and Sri Lankan businesses.

Santosh Menon, President of LIBA said “Sri Lanka has forever been a global trading powerhouse. Its high-quality cinnamon, pepper and more recently ‘Ceylon Tea’ has been sought after commodities around the world. Its high-quality skill at garment making makes it a chosen supplier for some of the world’s most fastidious brands. The time has come to now engage more actively with the Indian market and find the right ways to exploit it. We formed LIBA to foster and facilitate closer and more meaningful links between Indian and Sri Lankan businesses.”

Santosh Jha, High Commissioner of India to Sri Lanka said “India and Sri Lanka have longstanding civilizational links, with economic and commercial relationship naturally being an integral part of it. I look forward to LIBA further strengthening and fostering closer ties among the business community from both countries. I welcome this initiative and wish Santosh Menon, President of LIBA and the founding members of the Governing Council much success in achieving their goals.”

Aroshi Nanayakkara, Vice president of LIBA said “Sri Lanka has a highly skilled work force with a proven ability of supplying the world’s most premium brands. Our literacy rates, quality of life indicators and natural hospitality equip us to be exceptional business partners helping us build long term relationships, bringing benefits not only to the partnering organisations but also to their respective countries. We are keen to provide potential investors with a platform to invest in Sri Lanka and we are confident that LIBA will be that platform.”

Prakash Schaffter, Governing Council member said “Our geographical location has been our strength as we are strategically placed in the sea lanes which are a crossroad for trade between the East and the West. And now with South Asia poised to be the centre stage of trade we must use our proximity to India to our advantage.”

Ashique Ali, Governing council member said “In the areas of digital and start-ups, we are building closer ties with India, to benefit from the learnings in the area. Many of our home-grown tech products are of the highest quality and we want to make sure that they will be able to maximise the benefits of being close to India.”