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IFC reaffirms commitment to Sri Lanka amid plans to increase investments
International Finance Corporation Regional Vice President for Asia and the Pacific Alfonso Garcia Mora has said that IFC aims to boost its investments in Sri Lanka, with a focus on supporting private sector job creation, paving the way for robust investments to help spur the country’s recovery and future growth, it said.
The comments by IFC Regional Vice President for Asia and the Pacific Alfonso Garcia Mora, came at the end of a three-day visit to Sri Lanka, which included a meeting with the President Gotabaya Rajapaksa, Finance Minister Basil Rajapaksa, government officials, including Central Bank Governor Ajith Nivard Cabraal, private sector representatives, entrepreneurs, and development partners.
Garcia Mora was accompanied by IFC’s Vice President for Risk Mohamed Gouled, Regional Director for South Asia Hector Gomez Ang and the new Country Manager for Sri Lanka and the Maldives Lisa Kaestner, as well as the World Bank Country Director for Sri Lanka, Maldives and Nepal Faris Hadad-Zervos.
“In my meeting with the President, we discussed the need to have a sound macro fiscal stability to attract foreign capital and provide medium- and long-term certainty,” Garcia Mora said. “The talks also focused on ways to maximise the potential of the country’s private sector to help address Sri Lanka’s challenges and achieve the inclusive growth the country needs.”
“We are committed to Sri Lanka,” Garcia Mora said. “This is demonstrated by our investment commitments in the past six months which have targeted export-oriented industries. Since the onset of the pandemic, IFC has also played a strong counter cyclical role in its financing and will continue to build on that program going forward.”
During his meetings, Garcia Mora highlighted IFC’s investment of $ 450 million during the first 18 months of the pandemic in Sri Lanka as a sign of IFC’s steadfast commitment to the country.
“We are working with the private sector in the country to create a robust investment pipeline and this can be accelerated with additional reforms in the infrastructure sector, allowing the private sector to play a bigger role,” Garcia Mora said. “IFC intends to invest a further $ 150 million during the current fiscal year ending in June 2022. Over the next five years, IFC is looking at an investment pipeline of more than $ 800 million, specifically in supporting growth-enabling sustainable infrastructure.”
IFC’s efforts will focus around three strategic pillars in Sri Lanka: supporting innovation for growth, including export diversification, start-ups, niche market agriculture and value additions for export, high tech manufacturing; growth-enabling sustainable infrastructure, including low-cost clean energy, sustainable transport and logistics systems; and deepening social and financial inclusion, including digitisation, economic participation of underserved people, especially women.
While in Colombo, Garcia Mora also signed a cooperation agreement with John Keells Holdings (JKH) to develop a commercially viable and sustainable street market in Colombo 2, which will also promote women’s participation in hospitality and tourism. The officials also had the opportunity to meet clients and partners of the Women in Work program – IFC’s largest, standalone country-based gender program designed to close gender gaps in Sri Lanka’s private sector.
Since the beginning of the pandemic, IFC has invested $ 450 million in Sri Lanka, including $ 175 million in JKH to boost retail and tourism – IFC’s largest investment in Sri Lanka over its 50-year operations. As part of the overall pandemic response, IFC injected $ 50 million in Commercial Bank of Ceylon and $ 25 million in Nations Trust Bank to help small businesses stay afloat during the height of the pandemic.
IFC’s strategy also focused on expanding export diversification, promoting sustainability and inclusive growth. Last year, IFC piloted a new digital health program – DigiHealth – to boost access to affordable and quality health-care services in Sri Lanka and beyond.
In October, IFC also issued its first-ever rupee-denominated bond in the country – the ‘Serendib Bond’ – to ensure that the private-sector has access to long-term offshore financing in local currency.
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.”
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.
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.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
