Business
Finance Ministry calls for proposals for unspecified value of Foreign Currency Term Financing Facility
The Ministry of Finance has called for offers for an unspecified value of Foreign Currency Term Financing Facility (FCTF) denominated in US Dollars, Euro, Chinese Renminbi and Japanese Yen.Issuing a Request For Proposals (RFPs) on 31st August 2021, the Ministry of Finance said that the FCTF is expected to be raised at a fixed rate or a floating rate with a maturity period of one year or more.The proceeds of the FCTF will be used for the purposes of financing the expenditure as approved in the Annual Budget, according to the Ministry of Finance.Proposals for this should be submitted on or before 22 September while the financing proposals have been sought from banks, institutional investors and investment houses, it said.
“They should include separate proposal/s for different currencies and different options in each currency based on the structure of the FCTF such as size, cost (fixed or floating), third party expenses, tenure, repayment and the estimated lead time required to make the FCTF available to the government.””The cost of FCTF should be expressed as a percent per annum in fixed or floating rate arrangement, whilst an all-inclusive cost for each financing arrangement proposed should be indicated with the maturity period intended for the FCTF.” the Finance Ministry said.”Repayment can be in bullet or in tranches while interest will be paid half yearly. Banks, institutional investors and investment houses can submit proposals on a standalone basis or collectively. The government will have the rights to engage with one or more banks, institutional investors or investment houses for the proposed FCTF. The names of the banks, institutional investors and investment houses that have submitted proposals will be announced on 22 September,” RFP made by the Ministry of Finance further said.
The Finance Ministry had made a similar request in mid-June 2020 for proposals to raise USD-denominated term financing up to a limit of $ 500 million.
HSBC, State Bank of India, Credit Suisse, China’s Industrial and Commerce Bank and Sri Lanka’s Acuity Partners had responded to the government’s invite at the time.
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
