Business
SDB bank set to boost SMEs and women entrepreneurship nationwide
Securing LKR 7.5 billion term loan facility from U.S International Development Finance Corporation (DFC)
The United States International Development Finance Corporation (DFC) has approved a USD 40 Million (Rs. 7.5 Billion) term loan facility to SDB bank in a bid to promote financial inclusion, resulting in more support to SMEs, particularly female-owned Small and Medium Enterprises. This comes as part of the financing recently approved by the DFC board to advance development in emerging markets of African, Middle Eastern, Eastern European, Indo-pacific, and Latin American regions.
United States International Development Finance Corporation (DFC) is a U.S. Development Bank specializing in providing financial support to private sector partners in developing markets. Promoting financial support to SMEs and women entrepreneurs in these markets is a key focus area for the bank. SDB bank was selected for the loan primarily due to its innovative business model that takes a progressive approach to development, with an emphasis on financial empowerment and SME development. In fact, 40% of the loan facility is reserved exclusively for women with the remaining 60% being allocated to SMEs in general. The bank’s commitment to these forward-looking policies is evident in their specialized products for female-owned SMEs which include Uththamavi, a special investment scheme for women and a general SME loan offering.
The investment loan approval granted by DFC comes at a critical time and is the first in over 7 years. The loan also comes with a series of other value additions including a Capacity Development Programme, which gives bank employees access to modern technology and know-how. This invaluable resource is then passed on to the customer, which enables them to grow their enterprise, as their hard work is directed by strategic thinking and professional business insight.
Speaking about this monumental opportunity, Thilak Piyadigama, CEO, SDB bank had this to say, “DFC is known for financing solutions which have helped overcome some of the most critical problems across the developing world. This loan comes at a time when the country needs financial support and gives us the chance to get our economy back on track faster. As always we will be giving the SME sector our full support. This loan will go a long way towards ensuring a more self-sufficient country, where hardworking Sri Lankans, who are the engine of progress, realise their financial ambitions. We are also focused on utilising these funds to create a new era of financial freedom and empowerment for female entrepreneurs”.
By uplifting SMEs and encouraging the spirit of entrepreneurship SDB Bank continues to create opportunities all over the island. These initiatives create jobs, ensure local communities are uplifted, and enable Sri Lankans to enjoy a better quality of life by giving them access to higher wages. They help safeguard the rights of workers, the preservation of the environment, and continually support SME empowerment. This development is essential for the country to remain competitive on a global scale. These initiatives also guarantee critical investment happens at the right time for maximum developmental impact. SDB bank shares these developmental goals and is honoured to lead the way for a new era of progress and prosperity.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
