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Driving sustainable investment: The crucial role of sustainable finance and private capital for Sri Lanka

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Director General, Sustainable Development Council of Sri Lanka, Chamindry Saparamadu, Director General - BOI, Renuka Weerakone and UNDP resident representative in Sri Lanka Azusa Kubota speaking at the event

Sri Lanka stands at a critical juncture, seeking avenues for sustainable development while positioning itself as a responsible global player. In this pursuit, sustainable finance and private capital have emerged as a transformative force, offering a unique opportunity to address pressing environmental and social challenges while driving economic growth. By integrating sustainability principles into its financial systems and attracting private investments, Sri Lanka can unlock new avenues of investment, attract international capital, and create a resilient and inclusive economy.

The Sri Lanka SDG Investor Map, developed by the United Nations Development Programme (UNDP) through the strong collaboration of the Sustainable Development Council of Sri Lanka and the Board of Investment (BOI), provides tangible market intelligence on 15 investment opportunity areas across 5 key sectors that support Sri Lanka’s advancement towards the Sustainable Development Goals (SDGs). The 5 sectors – Healthcare, Renewable Energy, Food & Beverages, Consumer Goods, and Infrastructure – can attract private sector investment and mobilize global private capital towards SDG-aligned investments.

As a follow-up to the launch of the SDG Investor Map, a series of collaborative sector deep dive workshops were convened, aligned to the key Investment Opportunity Areas identified through the Map, engaging a broad group of private sector representatives, investors, policy makers and development partners.

Based on these consultations, a report highlighting ‘Sector insights, challenges and opportunities for mobilizing private capital towards SDG aligned investment opportunity areas’ was launched recently, with the participation of the State Minister of Finance Shehan Semasinghe; the Director Generals of the Sustainable Development Council and BOI; other Government officials and development partner representatives.

Highlighting the ambition and Plans of the Government of Sri Lanka on relevant policy reforms, Minister Shehan Semasinghe, State Minister of Finance stated that “We are committed to creating a favorable investment climate through regulatory reforms, and attract foreign, and local investments, and facilitate investment opportunities that will generate, positive, social, and environmental impacts, to ensure financial returns. We will improve fiscal transparency, public financial management, introduce a stronger anti-corruption legal framework, and our anti-corruption reform will align Sri Lanka’s legal framework with international standards.”

The role of private capital and investment is more important, now more than ever, to support recovery, prevent regression and help re- accelerate towards a sustainable development trajectory for the country.

Setting the Stage for SDG based Investments in Sri Lanka, Chamindry Saparamadu, Director General, Sustainable Development Council of Sri Lanka stated “We must remain steadfast in our ambition to achieve the Sustainable Development Goals (SDGs), but we must also act swiftly, employ intelligent strategies, make wise investments, strengthen global partnerships, and build upon our collective commitment to the SDGs. In this regard, the SDG Investor Platform plays a crucial role by providing investors with critical data, insights, and tools necessary to channel increased capital towards the SDGs. By doing so, it will assist Sri Lanka in unlocking vital financing required to overcome economic challenges and ultimately advance the well-being of both our people and the planet.”

In her remarks at the event, Azusa Kubota, Resident Representative, UNDP in Sri Lanka highlighted “Any investment will bring resources to the country, but we want them to be SDG-aligned to ensure sustainable, inclusive, and green growth for Sri Lanka. We want quality investments that create employment with dignity. Given that the Sri Lanka SDG Investor Map focuses on SDGs to bring in a strong impact narrative alongside commercial returns, there should be a strong emphasis on sustainability at the core underpinning all investment choices.”

Also speaking at the event, Renuka Weerakone, Director General, Sri Lanka Board of Investment noted, “It is our intention to explore and accept green funding opportunities to accelerate sustainable development projects in Sri Lanka. We firmly believe that by harnessing green finance mechanisms and capitalizing on sustainable investment opportunities, we can maximize the positive impact of our endeavors and we request the support and collaboration of UNDP in this regard. We firmly believe that investment and sustainable development are intimately linked, and by embracing this interconnection, we can unlock unprecedented opportunities for growth, innovation, and shared prosperity.”



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US sports envoys to Lanka to champion youth development

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The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.

The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.

While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball.  The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court.  The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country.  Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.

“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung.  “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”

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Rahuman questions sudden cancellation of leave of CEB employees

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SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.

MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.

“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.

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CIPM successfully concludes 8th Annual Symposium

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Left to right, Prof. Arosha Adikaram - Chairperson of the Symposium, UAC Obeyesekere – Chief Executive Officer, CIPM Sri Lanka, Guest of Honor - Shakthi Ranatunga, Chief Operating Officer, MAS Holdings PVT Ltd., Sri Lanka, Ken Vijayakumar, President, CIPM Sri Lanka, Priyantha Ranasinghe,Vice President, CIPM Sri Lanka, Col. Saman Jayawickrama (Retd) – Secretary, CIPM Sri Lanka, Dr Dilanjalee Weerathunga – Co Chairperson of the Symposium

The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.

Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.

The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.

Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.

The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.

The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.

The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.

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