Business
World Bank approves USD 500 Mn financing facility to Sri Lanka
The World Bank’s Board of Executive Directors Thursday (30) approved $500 million in financing for Sri Lanka to provide safe, climate-resilient roads to connect agricultural supply chains through the Inclusive Connectivity and Development Project. This project is expected to benefit around 16 million people living in rural communities in selected districts of Sri Lanka.
In Sri Lanka, roads carry around 95 percent of passengers and 98 percent of cargo. While nearly all national roads are paved, only 67 percent of provincial roads, and 13 percent of rural roads are in good condition. Sri Lanka also has the highest rate of road fatalities in South Asia with around 3,000 deaths per year. An uninterrupted road network is crucial to link rural communities to health and education services and other economic opportunities, and to connect small-holder farmers to domestic and international markets.
“Improving access to basic services and economic opportunities in rural areas, and reducing regional disparities in economic development, is critical for promoting inclusion and opportunities for all,” said Faris Hadad-Zervos, Country Director of the World Bank for Maldives, Nepal, and Sri Lanka. “The project will also create many short-term employment opportunities, which will help advance the post-pandemic recovery.”
This project is part of the development program to improve 100,000 km of rural roads, a key initiative under the Government’s national development strategy.
“The project will help develop green and climate-resilient transport and agricultural logistics, and mainstream climate resilience practices in infrastructure planning and investments for a more resilient future for Sri Lanka,” said Winnie Wang, World Bank Task Team Leader of the Project.
The project will build on the ongoing provincial and rural roads rehabilitation initiatives under the World Bank- financed Transport Connectivity and Asset Management Project and the Asian Development Bank-funded Integrated Road Investment Programs – iRoad I and II.
This project will be implemented by the Ministry of Highways and a National Steering Committee will be established to oversee the project.
The $500 million loan is provided by the International Bank for Reconstruction and Development (IBRD). The variable spread loan has a final maturity of 28 years including a grace period of 10 years.
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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