Business
Alliance Finance Company PLC secures USD 10 mn Netherlands’ FMO in long term financing
Sri Lanka’s oldest finance company, Alliance Finance Company PLC (AFC), has received the second tranche of USD 5 Mn from the Dutch Entrepreneurial Development Bank (FMO) as part of a long-term financing facility of USD 10M to expand its growing portfolio of MSME business.
AFC secured this USD 10 Million facility from the Dutch entrepreneurial development bank FMO in mid-2021 and received the first tranche of USD 5 Mn in 01.07.2021 With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks with investments in 85 countries. This financing series is also a significant development for the country’s MSME sector, which is considered as the backbone of the economy.
Romani de Silva, Deputy Chairman & Managing Director of AFC stated: “This is an important milestone for AFC’s MSME focused business strategy and we are encouraged and excited by FMO’s partnership in our MSME plans. AFC-FMO partnership to develop the MSME sector in the country confirms AFC’s growing international credibility. Last year AFC became the first certified financial institution in South Asia for holistic sustainability in the Banking and Finance sector, governed under the EOSD International Council of Sustainability Standards for Value-Driven Financial Institutions (ICSSVDFI). FMO is no stranger to AFC since it assisted AFC with a similar facility in 2018. The facility is for 5 years with a fixed interest rate, thereby helping AFC to manage its asset and liability mismatch in the balance sheet. AFC readily receiving such global high tier financing is proof of international accreditation of our proven focus on sustainable financing which in turn is part of our larger commitment to the triple bottom line of People, Planet and Profit.”
In 2017, AFC became the first financial institution in Sri Lanka’s NBFI sector to commit to the UN’s Sustainable Development Goals (SDG) and Paris Agreement on Climate Change when it signed the ‘Karlsruhe resolution’. In recent years, AFC has been investing 3%-4% of its profits annually on social and environmental sustainability initiatives despite the extremely challenging external environment. In its initiatives beneficial to the environment and society, AFC has pledged LKR 18 Mn for sustainability initiatives during 2020/21 financial year.
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
