Business
CSE enables issue of Green Bonds by Sri Lankan companies
The Colombo Stock Exchange (CSE) is pleased to announce the introduction of listing and trading of Green Bonds for the first time in the Sri Lankan stock market, with effect from 25th April 2023.Under the Green Bonds concept, proceeds are invested exclusively in green projects that generate climate or other environmental benefits, for example in renewable energy, energy efficiency, sustainable waste management, sustainable land use (forestry and agriculture), biodiversity, clean transportation, and clean water.
The objective of enabling regulations for the issue of green bonds in the Sri Lankan stock market is to facilitate Sri Lankan corporates to raise capital that will be used for green projects and to foster greater transparency and accountability in the use of proceeds from the Green Bond, and to ensure reporting of the impact of the green projects for which the proceeds of the bond was used.
The use of proceeds from the Green Bond should be aligned with the Green Bond Principles, which are accepted by the CSE. The accepted Green Bond Principles of the CSE are the Green Bond Principles by the International Capital Markets Association (ICMA), the European Green Bond Standards (EUGBS), and the Climate Bonds Initiative Standards (CBI Standards).
Corporate Debentures and Green Bonds
The Green Bonds will have the same features of a Corporate Debenture and will be listed on the Debt Market segment of the CSE.The main difference between a Corporate Debenture and a Green Bond is the usage of the proceeds. In a Green Bond, the proceeds have to be exclusively used for financing or re-financing in part or in full, new or existing eligible green projects which are aligned with at least one international Green Bond standard set out above.
The Green Bonds will be traded on the Automated Trading System (ATS), similar to Corporate Debentures. The trading parameters currently applicable to Corporate Debentures will also apply to Green Bonds as well.The potential issuers of Green Bonds are any public company incorporated under the Companies Act and any statutory body established/incorporated under a statute.
Benefits of issuing and investing in Green Bonds
Green Bonds could be identified as a new investment asset class for potential issuers and investors. By issuing Green Bonds, an issuer could access a broader pool of capital, including access to a foreign investor base who has an interest in investing in green projects. It also can play a positive role, in raising awareness and building expertise among investors on issues relating to the environment, thus, fostering greater transparency in the use of proceeds from the Bond.
Green Bonds can also facilitate the establishment of public-private partnerships that might accelerate the pace of green investment and lead to the adoption of new technologies and also contribute to a sustainable economy.
Commenting on this new product, CSE CEO Rajeeva Bandaranaike said, “As of January 2023, Green Bonds have globally raised $2.5 trillion, to support green and sustainable projects. Sri Lanka can tap into these funds and capitalize on by attracting foreign investments into Green Bonds. This will contribute positively towards the Sri Lankan economy whilst issuers get an opportunity to attract a new pool of investor base; especially foreign funds which are exclusively aimed at green projects.”
“We are proud to be at the forefront of promoting sustainable investment mandates in the market, integrating environmental, social and good governance (ESG) criteria into the business or investment decisions, for the lasting benefit of both the capital market and the country at large.”
“Based on the demand for bonds like Green Bonds, the CSE proposes to introduce Blue Bonds and Social and Sustainability Bonds in the future”, added Bandaranaike.
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.”
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