Business

World Bank reassures support for Sri Lanka to build back better from COVID-19

Published

5 years ago

2021/04/27

The World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, concluded a successful visit to Sri Lanka where he reiterated the World Bank’s commitment to support Sri Lanka’s efforts towards recovery and to build back better from the COVID-19 shock.

Based in Kathmandu, Nepal, this latest mission followed the Country Director’s introductory visit to Sri Lanka last November after assuming his new role in July 2020. Hadad-Zervos was joined by Chiyo Kanda, the Country Manager for Maldives and Sri Lanka, based in Colombo.

“Sri Lanka’s economy is on the road to recovery after the worst downturn on record last year. The World Bank stands ready to support the Sri Lankan government as it strives to protect its people from the pandemic, while addressing the vulnerabilities in the macro-fiscal environment,” said Faris. H. Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka. “Recovery and resilience in the post-COVID era can be accelerated by an export-oriented growth model that taps the full potential of private investments and that increases competitiveness and growth.”

The visit coincided with the launch of the Sri Lanka Development Update: Economic and Poverty Impact of COVID-19, which was released on April 9. The report provides an update on Sri Lanka’s economy and outlook, highlighting the devastating impact of the pandemic. Sri Lanka’s economy contracted by 3.6 percent in 2020, the worst growth performance on record, as is the case in many countries fighting the pandemic, but is expected to recover to 3.4 percent in 2021, mainly due to foreign investments as well as normalizing tourism and other economic activities.

During the visit, the World Bank management team met with key government officials, including Minister of Plantations Ramesh Pathirana, Minister of Water Supply Vasudeva Nanayakkara, Minister of Highways Johnston Fernando, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, chairman of the Special Presidential Task Force on Economic Revival and Poverty Alleviation Basil Rajapaksa, Secretary to the President Dr. P.B. Jayasundera, Secretary to the Treasury Ajith Attygalle, Secretary at the Ministry of Technology Jayantha de Silva, Principal Advisor to the President Lalith Weeratunga, and the Governor of the Central Bank Prof. W. D. Lakshman.

Meetings were also held with private sector representatives, development partners as well as thought leaders to better understand how the World Bank can add value to Sri Lanka’s inclusive growth and sustainable development story.

“The in-depth discussions we have had with government officials, private sector and development partners will help us focus on the priority areas – critical for building a greener and more resilient economy that benefits all Sri Lankans,” said Chiyo Kanda, World Bank Country Manager for Maldives and Sri Lanka “We explored many new, exciting avenues for collaboration including harnessing the power of digital technologies to provide more and better opportunities for all Sri Lankans.”

The visit also saw the signing of two important agreements between the World Bank and Sri Lankan Government. A $69.53 million credit will help improve dams and irrigation schemes covering 165,000 hectares of agricultural land and improve the management of watersheds and water resources, benefitting 356,000 farming families. Under a second $69.33 million loan, a modern transport terminal will be built in Kandy city that will integrate rail, bus, three-wheeler, and pedestrian traffic to make it safer and more efficient.

The World Bank responded to the COVID-19 outbreak in Sri Lanka by repurposing a large portion of its current portfolio to assist the government in reducing the pandemic’s effects. Supplying critical personal protective equipment (PPE), providing temporary cash assistance to vulnerable groups, strengthening COVID-19 security mechanisms on public transportation, promoting tele-education for students, and providing technologies to enhance public service delivery are some of the initiatives supported by the World Bank. Further support in managing the situation, especially through a speedy and efficient vaccination program, is also on the table.

The current World Bank portfolio in Sri Lanka consists of 19 ongoing projects, with a total commitment value of US$2.33 billion in a variety of sectors including transport, urban, agriculture, water, education and health. Link: https://www.worldbank.org/en/news/press-release/2021/04/25/world-bank-reassures-support-for-srilanka

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Business

HNB Finance strengthens Board with four independent directors

Published

23 hours ago

2026/09/13

Thilina Walpola

Newly appointed HNB FINANCE PLC Independent Non- Executive Directors (from left): Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi

HNB FINANCE PLC has strengthened its Board with the appointment of four Independent Non-Executive Directors, effective September 8, 2026.

The new directors are Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi, who collectively bring extensive experience in financial regulation, banking, risk management, corporate finance, investment strategy, development finance and public policy.

Wijayawardhane, an Attorney-at-Law and capital market professional, retired in July 2025 as Chief Regulatory Officer of the Colombo Stock Exchange after more than 31 years with the Exchange. His experience covers securities regulation, corporate governance, market infrastructure and compliance.

Gnanapragasam has over four decades of banking experience spanning treasury, risk management, credit and trade finance. She currently serves as an Independent Non-Executive Director of Cargills Bank, Wealth Trust and Vision Fund Lanka.

Mohamed is a corporate finance and investment professional who previously served as Lead Transaction Advisor at the State-Owned Enterprise Restructuring Unit of the Ministry of Finance, where she led five divestiture transactions worth over US$600 million.

Dr. Wanniarachchi brings over a decade of experience in development finance, institutional reform and social protection, including work with the World Bank and the Government of Sri Lanka.

Business

Prime Residencies hands over The Palace Gampaha

Published

23 hours ago

2026/09/13

Thilina Walpola

Prime Group Chairman Premalal Brahmanage speaking at the event

Prime Lands Residencies PLC has completed and officially handed over The Palace Gampaha, described as the largest planned gated residential community in Gampaha, to its homeowners.

The development, which commenced construction in 2021, is located two kilometres from Gampaha town and 100 metres from the Colombo-Kandy main road.

Spread across 13.5 acres, The Palace Gampaha comprises 480 two- and three-bedroom apartments in a ground-plus-three-floor development, with prices starting from Rs. 27.5 million.

The project allocates about 80% of its land to landscaped areas and common facilities, while the remaining 20% is used for apartment development. Facilities include a swimming pool, gymnasium, clubhouse, library, community kitchen, laundry, mini-mart and a daycare centre managed by the Lyceum Group.

The fully gated community also incorporates solar power for common areas, underground electricity cabling and a sewage treatment plant with water recycling facilities.

Prime Residencies said all statutory approvals required for the handover had been secured, including certifications from the Condominium Management Authority and registration of the Condominium Plan and Deed of Declaration.

Prime Group Chairman Premalal Brahmanage said the project reflected the company’s vision of creating large-scale residential communities designed to enhance the quality of life of Sri Lankan families.

The project is the latest addition to Prime Group’s portfolio of more than 70 gated community and apartment developments.

Business

SLANA warns NVOCC business losing ground amid THC concerns

Published

23 hours ago

2026/09/13

Thilina Walpola

SLANA Chairperson Swabha Wickramasinghe presenting a memento to Minister of Ports and Civil Aviation Anura Karunathilaka at the eventually

Sri Lanka’s Non-Vessel Operating Common Carrier (NVOCC) sector is losing ground despite the expansion of the industry in several regional markets, Sri Lanka Association of NVOCC Agents (SLANA) Chairperson Swabha Wickramasinghe said.

Wickramasinghe, re-elected for a third consecutive term at SLANA’s ninth Annual General Meeting last week said the continued difficulty in collecting Colombo Terminal Handling Charges (THC) as a separate land-based cost was among the key challenges facing the industry.

She said the practice placed Sri Lanka at a competitive disadvantage as principals consider the overall economics of operating through Colombo.

“When Sri Lanka becomes less commercially attractive compared with other regional destinations, the consequences eventually reach our members,” she said.

Wickramasinghe said a committee had been proposed at a recent meeting with the Minister and Deputy Minister to evaluate the THC issue, urging the authorities to expedite its appointment and review.

She also called for an early solution to the problem of uncleared salt containers at the Port of Colombo, which has resulted in delays in releasing empty containers.

With more than 75 NVOCC lines operating in Sri Lanka, she stressed the sector’s importance to regional trade, particularly links with India and China.

Ports Minister Anura Karunathilaka said Sri Lanka should expand regional business while exploring areas such as bunkering, freight forwarding and e-commerce logistics.