Business

‘ World for Lanka’- a web platform to shore up Sri Lanka’s USD reserves launched

Published

4 years ago

2023/02/14

‘ World for Lanka’- a web platform designed to appeal directly to global netizens to support Sri Lankan people was launched today. It’s a credible, transparent, and verifiable platform which anyone can use worldwide to help Sri Lanka in this period of economic crisis.

Santosh Menon, Director of World for Lanka (WFL) said “We came up with this idea in March 2022. To appeal directly to fellow humans around the world – to help families and children in need in Sri Lanka emerge out of the ongoing crisis in Sri Lanka. Sri Lanka needs a significant amount of USD to emerge out of this crisis and we felt that besides seeking help from the common sources- other countries, financial institutions, Diaspora, and investment- we should seek help from the 4.6 billion global netizens, who are online and are contributing to justifiable causes “

Kishore Reddy, Director added “It was important to structure this in a way that’s credible, transparent, and verifiable. At the end of the day global netizens will seek to contribute to a platform that they know can be trusted to deliver. So, we sought the help of EY to come in and structure monitor and supervise the entire mechanism. EY has helped us put together this mechanism”.

Chanithi Gunasekera, Director, WFL added “We intend to use social media to reach global netizens and are seeking the support of MNCs with the requisite reach and expertise to reach them. We have created a strong communications package to go out vide social media and digital media to potential donors worldwide, but ultimately, we need the support of MNCs to take the message to the netizens

Brian Goudian, Principal at EY said “The project was structured in such a way that all USD received will be deposited in a dedicated bank account opened with a licensed commercial bank in Sri Lanka, and HNB has come forward to partner on this initiative.

The incoming USD will help boost the country’s reserves, whilst the SLR equivalent will be channelled to selected implementing partners to fund emergency aid programmes that specifically targets children’s needs covering the verticals on food, medicine, education, and energy/ transport.

An independent technical advisory committee was established to evaluate proposals, improve governance, and advise the Board of Directors of WFL. As the project is launched, two well-known implementing partners operating in Sri Lanka, i.e., Sarvodaya and Foundation of Goodness have been appointed to partner with WFL an implement selected projects “

The technical committee that evaluated proposals included Dr. Sanath Mahawithanage and Chandi Dharamaratne. They said “We followed a rigorous process of looking through each proposal with a tooth comb, asked searching questions and eventually tailored projects which if implemented could benefit needy families across the island. Right now, children of the island need as much support as they can get to emerge out of this crisis successfully and funds from global netizens will go a long way to help the country”.

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Business

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

Published

7 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

7 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

7 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.