Business
Sri Lanka explores Blended Finance instruments to bridge financing gap for SDGs
The 2024 Financing for Sustainable Development Report reveals that nearly USD 4.2 trillion is needed annually worldwide to achieve the Sustainable Development Goals (SDGs) by 2030. Developing countries face an annual funding shortfall of USD 2.5-3.0 trillion to meet these goals. Sri Lanka too requires additional resources for crisis recovery and long-term sustainable development.
A promising solution to address the SDG financing gap is to explore innovative financing mechanisms such as Blended Finance Facilities that could combine public and/or philanthropic capital with private sector investments to promote sustainable development. This approach can pool resources from various stakeholders, accommodating different risks, returns, and impact appetites, and aggregate high-impact investment opportunities.
The Sustainable Development Council recently convened a Roundtable Discussion to explore opportunities and critical enablers towards establishing blended finance instruments in Sri Lanka drawing on the insights of Satya Tripathi, the Secretary General of the Global Alliance for a Sustainable Planet, New York. A former UN Assistant Secretary-General, Head of New York Office at UN Environment and Secretary of the UN Environment Management Group, Mr. Tripathi was instrumental in establishing the Tropical Landscapes Finance Facility (TLFF) in Indonesia in 2016 and the Sustainable India Finance Facility (SIFF) in 2017 to leverage large scale private finance flows to achieve transformative social and environmental impact..
Tripathi highlighted that TLFF in Indonesia focused on reforestation and conservation and showcased how blended finance can effectively mobilize private capital towards public environmental and social goals. By preventing further deforestation and directly employing 16,000 people while indirectly benefiting 34,000 individuals, the TLFF has contributed to Indonesia achieving one of the lowest deforestation rates in the world. Another success story highlighted by Tripathi was the implementation of natural farming practices in Andhra Pradesh, India. Advocating for regenerative agriculture, this initiative emphasized the transition from synthetic chemicals to natural farming methods, resulting in significant economic, environment, and health benefits. Supported by the German Development Bank providing catalytic capital to mobilize private investments, this initiative demonstrated how a holistic approach to sustainable farming can lead to improved livelihoods, reduced disease incidence, and enhanced environmental conservation.
The Roundtable Discussion was attended by key stakeholders including senior government officials, representatives from leading business chambers, banks and other financial institutions, development partner agencies and think tanks.
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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