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ADB approves $100 mn. loan to support SMEs in SL

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The Asian Development Bank (ADB) has approved a $100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change.  

“SMEs play a critical role in Sri Lanka’s economy, contributing 52% to the country’s gross domestic product and employ 45% of the population,” said ADB Senior Financial Sector Specialist Manohari Gunawardhena. “It is therefore important to provide SMEs, particularly women-led enterprises, with the necessary support to sustain and grow the sector’s contribution to the economy. This project will provide working capital and improve SMEs’ access to finance, helping them expand operations and prepare for the changing environment.”

ADB, through participating financial institutions, will open a $50 million line of credit for underserviced SMEs in the export, tourism, technology, agriculture, and manufacturing sectors. It will establish a $500,000 special facility to cover guarantee subsidies for women-led SMEs. A gender gap assessment will be conducted with a view to improving women’s access to finance.  

The project will build on the government’s equity contribution through the National Credit Guarantee Institution Limited (NCGI), which provides partial credit guarantees on loans to SMEs. ADB will help the NCGI adopt procedures to effectively support SMEs including underwriting guarantees, risk management and risk-based pricing, and guarantee recovery operations. The project will incorporate green finance elements through climate adaptation and mitigation measures for SMEs.  

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region. 

(adb.org)

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Solar power tariffs revised

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The Cabinet has approved a revision of tariffs for newly contracted solar energy systems in Sri Lanka, effective from June 16, 2025.

According to a letter issued by the Ministry of Energy dated June 20, the updated rates are as follows:

  • Rs. 20.90 per unit for systems up to 5 kilowatts (kW)
  • Rs. 19.61 per unit for systems between 5 kW and 20 kW
  • Rs. 17.46 per unit for systems between 20 kW and 100 kW

These revised rates will apply to all applicants who pay the system clearance fees on or after June 16, 2025. The new tariffs will also be valid for extension requests submitted on or after that date.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

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Army denies social media claims fraudulent officer removals

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The Sri Lanka Army has dismissed recent social media claims suggesting a group of officers is being fraudulently removed using forged documents.

In a statement, the Army said the allegations are completely false stating that such assertions stem from a fundamental lack of understanding regarding military administrative protocols.

The allegations are aimed at damaging the institution’s reputation in the eyes of the public.

While confirming that no removals have taken place without proper procedures or the approval of the President, the statement asserts that the Army is committed to transparency while safeguarding national security.

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A/L top achievers in North, felicitated (Pics)

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Three hundred students from the Northern Province who excelled in all subject streams of the 2023 G.C.E. Advanced Level (A/L) Examination will each receive a grant of Rs. 100,000 from the President’s Fund.

As part of a newly launched initiative to honour high-performing students at the district level for the 2023/2024 G.C.E. A/L Examination, the President’s Fund hosted an award ceremony this morning (22) at the Iranamadu Nelum Piyasa Auditorium in the Northern Province.

During the event, 300 students from the districts of Jaffna, Kilinochchi, Mullaitivu, Mannar and Vavuniya, specifically 60 students per district, with the top 10 students from each subject stream, were recognised and presented with financial awards for their outstanding academic performance. The President’s Fund has allocated a total of Rs. 30 million for this initiative, which is expected to be extended to all districts in the future.

Dr. Nandika Sanath Kumanayake, Secretary to the President, addressed the gathering and noted that following the formation of the new government, the President’s Fund has been restructured and expanded under the leadership of President Anura Kumara Disanayaka. He emphasised that the Fund now operates with increased transparency, correcting past irregularities to ensure benefits are directed to the truly deserving. Dr. Kumanayake also mentioned ongoing efforts to digitise the Fund and decentralise its services to improve accessibility and efficiency.

He further highlighted that education is the key to a successful life and urged the students to take full advantage of the support provided, pursue academic excellence, become responsible citizens and contribute positively to the country’s development.
Also addressing the event were Speaker (Dr.) Jagath Wickramaratne and Minister of Fisheries, Aquatic and Ocean Resources, Ramalingam Chandrasekar.

A vote of thanks was delivered by Abhishek, a student from Jaffna Hindu College, who expressed heartfelt appreciation to the President and the President’s Fund. He described the programme as a valuable opportunity for students from economically disadvantaged backgrounds to pursue higher education and achieve their goals.

In attendance at the ceremony were Northern Province Governor Nagalingam Vethanayahan, Deputy Minister of Cooperative Development Upali Samarasinghe, Members of Parliament K. Ilankumaran, Rajeevan Jeyachandramoorthy and M. Jagadeeswaran, along with other public representatives. Also present were Mr. Roshan Gamage, Senior Additional Secretary to the President and Secretary of the President’s Fund, senior officials from the Fund, government officers, heads of security forces, parents and students.

(President’s Media Division)

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