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US$ 2bn worth of wind energy projects stuck in limbo

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Four international companies — with an estimated US$ 2bn (Rs 729bn) worth of wind energy projects stuck in limbo for over two years — have sought an urgent meeting with President Ranil Wickremesinghe to break the impasse.

In a letter to the President, the local representatives of Mingyang Smart Energy Group Ltd, Envision Energy Ltd, Jade Power/Hydrostor and China Machinery Engineering Corporation pointed out that their projects were under consideration for more than two years by the Board of Investment (BOI), the Sustainable Energy Authority (SEA) and the Ceylon Electricity Board (CEB).

They requested the President’s “urgent intervention to bring these projects to fruition as they are being long-delayed at massive cost to the country”.

The BOI is the lead agency in the initiative, the companies said, adding that all their projects were processed and recommended through expressions of interest called in 2021 by the State Ministry of Renewable Energy.

And, as early as October 2021, the previous Government’s Cabinet-Appointed Management Committee (CAMCI) had kicked off the approval process by seeking information from the SEA and the CEB on the respective investments, the letter said.

The companies, which have styled themselves as the Offshore Wind Energy Projects Promoters’ Group, claim that it was found their proposals fall within the scope allowed by a Cabinet subcommittee appointed in 2021—that is, that their applications do not conflict with any other applications for the locations mentioned. The subcommittee reportedly recommended on March 2022 that memorandums of understanding (MoU) be signed with six proponents (one has since dropped out).

“Of these, only one MoU was signed with Adani Green Energy,” the group states. “Subsequently, the CAMCI being non-operational, the remaining MoUs were not signed.”

While Power and Energy Minister Kanchana Wijesekera and State Investment Promotion Minister Dilum Amunugama have both sought to expedite the projects, they have made little progress.

(Sunday Times)

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IMF Executive Board approves Sri Lanka’s fourth review

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The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw about US$350 million, said Evan Papageorgiou, IMF Mission Chief for Sri Lanka.

This brings the total IMF financial support disbursed so far to about US$1.74 billion.

“The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The program supports Sri Lanka’s efforts to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) enhancing growth-oriented structural reforms.”

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Cabinet approval for online traffic fine payment system – Bimal

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Minister of Transport and Highways Bimal Rathnayake has said that Cabinet approval has been granted to implement an islandwide online traffic fine payment system.

He made this statement during a media briefing near the Kottawa Expressway entrance, following a public awareness programme on mandatory seat belt use for vehicles travelling on expressways.

“The Cabinet approved the proposal today. At present, the online fine payment system is available only between Kurunegala and Anuradhapura. Now, we’re providing all police units with mobile devices, so that from this year, traffic fines can be paid from anywhere via mobile phones… Rather than paying fines, we urge everyone to drive carefully, wear seat belts, and avoid violations. Our core message is simple, travel safely,” the minister has said.

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Indian entrepreneur delegation meets President AKD (Pics)

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Indian entrepreneurs state that they are currently directing their attention towards new investment prospects in Sri Lanka, particularly in sectors like energy, infrastructure, the digital economy, tourism and agriculture, as well as on enhancing entrepreneurial capacity.  

A delegation of around 20 Indian entrepreneurs, comprising heads of several prominent Indian companies, is currently engaged in an active programme in Sri Lanka, coordinated by the Confederation of Indian Industry (CII), with the aim of further developing existing investment opportunities and exploring new prospects. These comments were expressed during the delegation’s meeting with President Anura Kumara Disanayake this afternoon (01) at the Presidential Secretariat.

The delegation is visiting Sri Lanka following an invitation extended by President Anura Kumara Disanayake during his recent official visit to India. The Indian delegation held discussions with several Sri Lankan Ministers and with officials from key government institutions, including the Board of Investment of Sri Lanka.

President Disanayake emphasized that the country has now established a more favourable environment for investors, owing to the current economic stability.

The President briefed the Indian business representatives on the constructive measures implemented by the government to create a supportive economic climate and conditions conducive to investment. He further noted that the government has strengthened the legal framework and institutional system necessary to attract and sustain large-scale investments. He assured that under the present administration efforts have been made to eliminate the losses and corruption previously associated with investments. 

The President also emphasised that special attention has been given to attracting regional investors and providing them with the necessary facilities. He pointed out that numerous new business opportunities have opened up between India and Sri Lanka across various sectors.

The Indian entrepreneurs stated that Sri Lanka’s strategic location is of great appeal to investors. They appreciated the President’s explanation regarding the current situation of the country, noting that it had inspired confidence and renewed hope in them.

Minister of Labour and Deputy Minister of Economic Development Professor Anil Jayantha Fernando, Senior Additional Secretary to the President, Roshan Gamage, and Indian High Commissioner to Sri Lanka Santosh Jha, along with officials from the Indian High Commission, were present at the occasion. Also in attendance were former Chairman of CII and Chairman and Managing Director of ITC Limited, Sanjiv Puri, and heads of several other major Indian companies.

(President’s Media Division)

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