Business
WB inks credit agreement with SL to improve water resources-linked infrastructure
The agreement exchange: Secretary, Ministry of Finance Sajith Attygalle ® and WB Country Director for Sri Lanka Faris Hadad-Zervos
The government of Sri Lanka and the World Bank signed y a $69.53 million credit agreement to improve dams and irrigation schemes covering 165,000 hectares of agricultural land and improve the management of watersheds and water resources, benefitting 356,000 farming families.
Sajith Attygalle, Secretary to the Ministry of Finance signed on behalf of the government and Faris Hadad-Zervos, World Bank Country Director for Sri Lanka, signed on behalf of the World Bank.
“Effective management of water resources is critical to Sri Lanka’s long-term economic prosperity,” said Faris Hadad-Zervos, World Bank Country Director for Sri Lanka. “Sri Lanka is blessed with both natural and manmade water resources and protecting its watersheds will help the country adapt to climate change and reduce climate-induced risks on people and their livelihoods.”
The project aims to preserve, restore and better manage watersheds — with a focus on the Upper Mahaweli Watershed in the central hills — to help prevent impacts of extreme floods, drought and landside events, while at the same time contributing to improved water quality and farmer yields. The project will be implemented by the Ministry of Irrigation.
The project combines evidenced-based planning with investments in watershed management, dam safety inspection practices and dam risk assessments. The rehabilitation of irrigation systems will benefit from extensive stakeholder consultation and key project interventions will promote the participation of youth and women to ensure they are supported by the project.
“The government of Sri Lanka is committed to the conservation of our watersheds and plan to formulate a broad policy framework under the theme “Strategic Mechanisms for Developing a Common Watershed Management Approach in Sri Lanka” said . Chamal Rajapaksa, Minister of Irrigation. “The Ministry of Irrigation is happy to associate with the World Bank in developing our valuable water resources and watershed through this five-year project”
The World Bank support of $69.53 million credit is from its International Development Association, with project preparation activities supported by the Korea-World Bank Group Partnership Facility.
There are 19 projects in the World Bank portfolio in Sri Lanka amounting to $2.3 billion in a variety of sectors including transport, urban, water, education and health.
(WB)
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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