News

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

Published

11 months ago

March 18, 2024

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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)

News

Yoshitha Rajapaksa named suspect in money laundering case

Published

7 minutes ago

February 12, 2025

editor

Sri Lanka Police said that they will file charges against Yoshitha Rajapaksa under the Prevention Of Money Laundering Act.

This was confirmed by Police Spokesperson Senior Superintendent of Police Buddhika Manatunga during a press conference held in Colombo this morning.

SSP Manatunga stated that an investigation into Yoshitha Rajapaksa has been ongoing since 2016, following the discovery of over Rs. 59 million in his bank accounts. Rajapaksa has been unable to provide a satisfactory explanation for the source of these funds. Consequently, the police initiated an investigation under the Prevention Of Money Laundering Act.

According to the Police Spokesperson, further investigations revealed that the funds were invested in fixed deposits and bank accounts maintained as a joint account with a woman named Daisy Forrest. Based on these findings, the Attorney General directed the police to name Daisy Forrest as a suspect in the case alongside Rajapaksa.

Today, the Kaduwela Magistrate’s Court formally named Yoshitha Rajapaksa and Daisy Forrest as suspects in the money laundering case.

A foreign travel ban has already been imposed on Daisy Forrest. The police spokesperson said that Sri Lanka Police will continue to take necessary legal actions against all suspects involved in the case.

News

No Change in Litro Gas Prices for February

Published

17 minutes ago

February 11, 2025

editor

Channa Gunawardena, the Chairman of Litro Gas Company, has confirmed that the prices of domestic LP gas cylinders will remain unchanged for the month of February 2025.

News

17 Police officers discharged from service for drug use

Published

12 hours ago

February 11, 2025

editor

Sri Lanka Police have terminated the services of 17 officers in the past four months for consuming illegal drugs, including heroin and synthetic substances like ICE.

Police Spokesman SSP Buddhika Manathunga said that the Intelligence Units and Special Investigations Unit compiled a list of officers within the Sri Lanka Police Department suspected of using drugs.

The officers in question were tested and medical reports were sent to the National Dangerous Drugs Control Board. Following the results, the officers were dismissed from the police force.

SSP Manathunga also confirmed that investigations are ongoing into several other officers facing similar charges, and action will be taken based on their medical test results.

The Acting Inspector General of Police has instructed that strict action be taken against senior officers involved in the matter.