Business
Swiss based Enabling Qapital makes its maiden investment in Sri Lanka with Alliance Finance Co. PLC
To support MSME entrepreneurs across the country
Sri Lanka’s oldest finance company, Alliance Finance Company PLC (AFC), has secured a USD 5 Mn medium term financing facility from impact investing fund, EMF Microfinance Fund AGmvK, Liechtenstein advised by Swiss based Enabling Qapital S.A. The financing facility will be used to support Covid impacted Micro SME entrepreneurs across the country in line with AFC’s strong mandate to uplift the livelihood of marginalized communities and developing micro-SME entrepreneurs.
ENABLING QAPITAL (EQ) is an Impact Investment Advisory Company with strong ties, expertise and a proven track record in Impact Investing. EQ has built a state-of-the-art approach when it comes to Microfinance and Impact Investments. EQ is the exclusive advisor to the Enabling Microfinance Fund (EMF). EQ has a global footprint with teams based in Switzerland, Liechtenstein, Africa, Central Asia, East Asia and Latin America. Investments of EQ have reached over 6.2 Mn micro-finance customers around the world and out of whom,51% are females.
Mr. Romani de Silva, Deputy Chairman & Managing Director of AFC elaborates: “This is a significant milestone for AFC and the funding provided by EQ will further strengthen our mandate for sustainable finance. Furthermore, I am very grateful to EQ for identifying AFC as the preferred channel for its maiden investment into the MSME sector in Sri Lanka. It is also a reflection of the trust placed in our sustainable business model and the confidence placed in the MSME sector of Sri Lanka. In the year 2017, AFC became the first financial institution in Sri Lanka’s NBFI sector to commit to the UN Sustainable Development Goals (SDG) and the Paris Agreement on Climate Change, when they signed the ‘Karlsruhe Resolution’. In recent years, AFC has been investing 3% – 4% of its profit annually on social and environmental sustainability initiatives despite the extremely challenging external environment.
AFC has demonstrated strong improvements in all of its performance indicators such as growth, profitability and portfolio quality in recent times, especially after the successful restructuring program implemented with the technical assistance of IFC.
Incorporated in 1956, Alliance Finance Company PLC (AFC) is Sri Lanka’s oldest Non-Banking Finance Institution (NBFI), or the oldest ‘Finance Company’ in the country. It has served four generations of Sri Lankans for over 65 years, and as Sri Lanka’s pioneering finance entity, operates on the principle of Eternal Friendship. An enterprise that has been built on trust, integrity and a shared vision with its customers, Alliance Finance aims to make the world a better place through sustainable financing. AFC has garnered many prestigious awards and mentions on sustainability including the first Value Driven Financial Institution in South Asia to be Certified at Level 4 for Environmental and Social Sustainability in Banking and Finance. Becoming an ISO 22301 certified NBFI in 2012, Alliance Finance serves a diverse portfolio of clients with its Savings, Fixed Deposits, Leasing, Speed Cash, Development Finance, Gold Loans, and Personal Loans.
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
