USAID Archives

March 27, 2024

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Hatch together with the Singapore Sri Lanka Business Association, supported by USAID Catalyze and Sri Lankan Airlines, showcased the innovative ventures of five remarkable Sri Lankan women in Singapore.

In a world where only 2% of venture capital funding finds its way to female-founded businesses, this event brought hope, opportunity, and recognition to this group of dynamic female entrepreneurs from Sri Lanka.

The event was not just about pitching ideas; it was a platform for empowering change. With renowned judges, including the world’s first Sri Lankan Michelin-starred Chef Rishi Naleendra, and seasoned investors like Dominic Schacher, Ailynn Seah, and Cameron Richards, the stage was set for a transformative experience.

Each entrepreneur captivated the audience with their unique offerings and inspiring stories. One investor made an instant offer to one of the founders for her compelling presentation, reflecting the potential these ventures hold.

Let’s take a closer look at the finalists:

Lak Nature, founded by Lakmini Weerakkody, is a testament to sustainability and community empowerment. Offering a range of 100% natural, vegan, and preservative-free food products, Lak Nature not only caters to health-conscious consumers but also supports small-scale women farmers, fostering positive social impact.

Miris by IslandMom, the brainchild of Shivani A. Tyronne, celebrates the rich flavors of Sri Lankan chillies. With its exquisite range of hot sauces and chilli jams, Miris by IslandMom delights taste buds while championing natural ingredients and authentic culinary experiences.

Nevindaree Premarathne’s founder of Makers Global is revolutionizing STEM education for children. Through engaging DIY kits and resources, Makers Global nurtures the next generation of innovators, making learning fun and accessible.

Achinthya Neligama’s journey with Wellness Cultz stems from her own gluten intolerance. Specializing in gluten-free baking ingredients, Wellness Cultz caters to a growing market, offering quality products and personalized service.

True By Tina is pioneering eco-friendly baby care in Sri Lanka. Tina Lobo’s innovative silicone tableware and teethers not only promote sustainability but also forge partnerships with hospitals, creating a positive impact and strategic business alliances.

Two common threads run through these founders: Firstly, they are all women, and secondly, it is that each of these businesses carries a profound sense of purpose. They are all striving to make a direct impact on Sri Lanka.

From engaging smallholder farmer communities to offering skills and employment opportunities for women, these businesses serve as catalysts for transformation. Together, the founders are actively addressing critical issues such as poverty, hunger, and income inequality, while advocating for regenerative farming practices and empowering women in agriculture.

These entrepreneurs not only presented compelling business models but also highlighted the transformative power of diversity and inclusion in entrepreneurship. Their success stories serve as hope, inspiring others to pursue their dreams and make a difference in the world.

As we celebrate these trailblazing women and their ventures, let us remember that investing in diversity isn’t just good for individuals and communities; it’s a catalyst for economic growth and innovation, enriching markets, and societies alike.

March 18, 2024

Batticaloa, March 12, 2024 – Gunadamin Elephant House of Ceylon Cold Stores PLC (CCS), the United States Agency for International Development (USAID), and Viridis Recycling recognized the contributions of women waste collectors to economic empowerment and environmental wellbeing at a ceremony at the Selvanayagam Memorial Hall in Batticaloa. The event, which celebrated Sri Lanka’s first women-led plastic recyclable collection network and material recovery facility (MRF), featured the handover of e-bikes for plastic waste collection. Funded by Gunadamin Elephant House, these e-bikes mark a significant step forward in enhancing waste management efficiency and reducing environmental impact.

Speaking at the event, Mr. Daminda Gamlath, President, Consumer Foods Sector John Keells Holdings PLC (JKH) said, “This e-bike represents our commitment to innovative solutions in environmental stewardship and community empowerment. We believe these initiatives will sustainably increase plastic collection and affirm our commitment to ESG goals, as exemplified by our partnership with Kaviya Self Development Women’s Centre.”

The half-day event saw the attendance of dignitaries to support these women’s achievements, including Douglas E. Sonnek, Deputy Chief of Mission at the U.S. Embassy; the Governor of the Eastern Province, Hon. Senthil Thondaman; and other senior government officials.

A plastic collection drive and a street drama performance with the theme of “transforming waste into wealth” took place before the ceremony.

Douglas E. Sonnek, Deputy Chief of Mission at the U.S. Embassy, highlighted the broader impact of the initiative, stating, “U.S. assistance to increase income generation opportunities for Sri Lankan women strengthens prospects for economic growth and benefits families, communities, and the country. The United States is partnering to provide equal economic opportunities to unleash women’s full potential, because women’s economic security and inclusion are key to breaking the cycle of poverty.”

The Governor of the Eastern Province, Hon. Senthil Thondaman, echoed these sentiments, expressing appreciation for the organizations involved and applauding the women in Batticaloa for their efforts. His support underscores the project’s significance as a powerful example of community-led efforts driving significant environmental and social change.

Active across five coastal provinces, these plastic waste collection networks have significantly improved the economic status of rural women. Demonstrating a circular economic model, this activity emphasizes the efficient and sustainable use of resources, recovery, and regeneration. Supported by Gunadamin Elephant House, USAID, and Viridis, the initiative trains women to identify and collect recyclable waste,

John Keells Group – Confidential

including plastics, and incorporate them into the recycling chain. It has created approximately 200 income generation opportunities and increased the household incomes of women waste collectors.

In a testament to the project’s impact, Rohini Dharshan, a woman waste collector from Batticaloa supported by the Kaviya Self-Development Women’s Center, which played a pivotal role in encouraging local women to join this initiative said, “This project turned trash into an unexpected source of income for me. I am now not just tidying up the environment, I am also earning by doing it.”

March 11, 2024

Monarch Imperial Hotel, Sri Jayawardhanapura, Colombo, Janathakshan GTE Ltd., with the funding support of USAID Clean Cities, Blue Ocean (CCBO) Program, is pleased to remark on the Project Closing Event of the Project, Strengthening the Role of IWCs through a Plastic Recycling Model in Kaduwela Municipal Council Area funded by USAID Clean Cities, Blue Ocean (CCBO) Program and implemented by Janathakshan GTE Ltd.

Scheduled for 05th March 2024, from 9.30 AM to 12.30 PM, the project closing event was held at Monarch Imperial Hotel, 31A New Hospital Rd, Sri Jayawardenepura Kotte 10100. The distinguished honorable guests at the event were from the Ministry of Environment, Department of Local Government, Kaduwela Municipal Council, Waste Management Authority-Western Province, Central Environmental Authority, Kaduwela Divisional Secretariat, USAID Clean Cities Blue Ocean Program, private sector recyclers and companies, and many other agencies.

Mrs. Nilanka Wijenayake, Country Director of USAID Clean Cities, Blue Ocean Program, Sri Lanka and Maldives mentioned that the project implemented by Janathakshan was very unique and thus there was a new awakening in the field of informal waste management sector.

Dr. Janaka Hemathilaka, Chief Executive Officer of Janathaskan Guarantee Limited emphasized that Janathaskan succeeded in achieving the specific objectives of the project, which included developing the capacity of waste collectors and promoting sustainable waste management practices in the community.

The closing event shared the best practices and lessons learned from the IWC-led plastic waste recycling model. Also, this closing event shared results, highlights, and impacts. Importantly, this event can be taken as a knowledge-sharing activity and targeted at influencing other Municipal Councils (MCs), Urban Councils (UCs), and Pradeshiya Sabas (PSs) to adopt similar models in the Colombo district. Janathakshan is expected to get the support of relevant stakeholders, partners, and agencies to promote the model at national policy discussions and advocate the same to incorporate it into the relevant policies/frameworks appropriately.

During the Project Closing Event, two (02) panels were executed regarding the overview of the project implementation as well as sharing the impact and the best practices of the project. The first panel consisted of the main two stakeholders of the project namely, the Kaduwela Munucipal Council and Waste Management Authority-Western Province. Additionally, representatives/high officials from the Ministry of Environment, Central Environmental Authority, USAID Clean Cities, Blue Ocean (CCBO) program. The second panel comprised the Consultants of the end-line assessment of the project and project process documentation, and direct beneficiaries of the project such as Owners of Plastic Recycling Centers, and Informal Waste Collectors and Community Animators.

Throughout the project, Janathakshan achieved some important milestones. Janathakshan established and facilitated 04 Plastic Recycling Centers (PRCs), identified 100 Informal Waste Collectors (IWCs), identified 114 Community Animators, successfully placed 45 Waste Collection Bins, distributed 05 e-bicycles, reached 3056 people and 1489 School Students through awareness on Solid Waste Management (SWM) and 3R (Reduce, Reuse, and Recycling. With all these interventions, the project has safely managed 580 Metric tons of municipal waste, reduced, or recovered and diverted from the disposal of 550 Metric tons of materials, and safely managed 500 Metric tons of plastic.

During the project execution, Janathakshan closely worked with the Kaduwela Municipal Council (KMC) and Western Province Waste Management Authority (WPWMA) to leverage the insufficient supply of plastics to meet the market demand for clean, recyclable plastics. Collaboratively this intervention supported engaging existing registered Informal Waste Collectors (IWCs) as well as new IWCs, to design an IWC-led plastic waste recycling model that helped meet market demand.

Janathakshan GTE Ltd. is a pioneering organization dedicated to sustainable development through innovative solutions. Janathakshan works closely with communities, government entities, and international partners to address environmental and social challenges effectively.

February 28, 2024

The Colombo Stock Exchange (CSE) organized a forum titled “Redefining the Trajectory of Your Business” in collaboration with the U.S. Agency for International Development (USAID) CATALYZE Sri Lanka Private Sector Development (PSD) Activity. Held on February 12th, 2024, at North Gate Hotel – Jaffna, the event aimed to provide small and medium enterprises (SMEs) with crucial insights into capital-raising opportunities available at the CSE, specifically through listing on the Empower and Diri Savi Boards.

These boards offer dedicated listing platforms for SMEs, focusing on sectors like agribusinesses, livestock, energy generation, ICT, and tourism-related ventures. The program, tailored to the needs of companies in Jaffna, provided guidance on exploring capital-raising avenues effectively through panel discussions and interactive sessions with industry experts, investment advisors, CSE representatives, and USAID CATALYZE PSD representatives.

Delivering the opening remarks, Mr. Niroshan Wijesundere, Senior Vice President – Marketing for CSE began with, “We see potential in the Northern Region for businesses to thrive. We are conducting this forum with the aim of creating awareness and are glad to be able to provide this opportunity to MSMEs to further support them in their objectives to raise capital.”

Mr. Wijesundera also added that “Micro- small & medium sector enterprises in Northern Sri Lanka could be seen as a driving force for inclusive economic growth, employment generation and poverty reduction, and overall development of the North. Given its proximity to India and looking at export markets, there is immense potential for SMEs to expand their businesses and capitalise on numerous opportunities of listing on the CSE, as an alternative means of raising capital to unlock these prospects. Over the past 6 years, listed entities have raised over four hundred eighty billion rupees (480.45 Rs. bn) via the stock market. It is evident that listed entities are utilizing the capital markets for the growth of their businesses.”

“The United States supports the free flow of capital to help grow Sri Lanka’s economy,” USAID Director of Economic Growth Christopher Powers said in a statement. “Through CATALYZE PSD, USAID has supported companies in the food, agricultural, and ICT sectors in the Northern Region. We also encourage other companies to explore funding options, whether through the Colombo Stock Exchange or by engaging with USAID PSD for alternative opportunities”.

Conducting a session on ‘Capital Mobilization through the CSE’, Mr. Vasantha Kumar, Assistant Vice President, Acuity Stockbrokers (Pvt) Limited, stated, “SMEs in Sri Lanka usually maintain an annual turnover not exceeding LKR 750 million. These enterprises need further funding for expansion, sustainability, or to bring new products to market. The CSE offers a platform for SMEs to raise capital by listing their shares.”

He further added, “In addition to capital raising, a listing will offer a plethora of benefits for companies, such as enhanced image, attracting and retaining quality talent, improvement in corporate governance as well as access to strategic investors. Several successful SME IPOs have taken place recently, highlighting the diversity and potential that can be realized, and opportunities for growth available within the Sri Lankan market through the CSE. These include companies such as Kapruka Holdings PLC, Windforce PLC, Prime Lands Residencies PLC, Exterminators PLC, EML Consultants PLC, and Alpha Fire Services PLC, across various boards such as the Main Board, Diri Savi Board, and the Empower Board.”

The forum featured a panel discussion titled “The Journey Towards Listing & Life after Listing,” with Mr. Jude Fernando, Inclusive Finance Director, PSD; Mr. Vasantha Kumar, Assistant Vice President, Acuity Stockbrokers (Pvt) Limited; Mr. Rohan Senewiratne, Managing Director, Atarah Capital; Mr. Nadarajah Gunabalan, Consultant – V-Share Ventures (Pvt) Ltd; Ms. Punyamali Saparamadu, SVP – Commercial, CSE, with Mr. Shanmukananthan Sabananthan, Branch Manager – Jaffna, CSE, serving as the moderator. Attendees appreciated the discussion for its helpful insights.

January 10, 2024

10 January 2024, Colombo – The Food and Agriculture Organization of the United Nations (FAO) and the United States through the United States Agency for International Development (USAID) have partnered with the Sri Lanka Ministry of Agriculture in a (US) $9.2-million activity to continue revitalizing agriculture in Sri Lanka by enhancing paddy productivity, diversifying crops on marginal land, and promoting sustainable farming practices.

USAID is funding the four-year extension of support to Sri Lankan paddy farmers, which will benefit 10,000 farmers across four districts – Hambanthota, Vauniya, Anuradhapura and Kurunegala. FAO and the ministry will help farmers diversify use of 1,250 hectares of paddy lands during the Yala cultivation season to grow suitable cash crops. In addition, the activity will help farmers use resources such as water and fertilizer more efficiently across 5,000 acres of paddy. The funds also will help establish streamlined supply chains to ensure the timely availability of supplies and machinery to farmers at affordable prices.

The project builds on the United States’ 2022 donation of 36,000 metric tons of Triple Super Phosphate and 9,800 metric tons of urea in the midst of the country’s economic and food security crisis, which FAO and the ministry distributed to more than 1 million farmers.

“Our paddy farmers underwent significant challenges over the past few years,” said Agriculture Minister Mahinda Amaraweera in expressing his appreciation for the commitment to revitalize the sector. “USAID and FAO provided essential fertilizer free of charge for more than 1 million paddy farmers in the country at a crucial time. This initiative builds on that support to continue ensuring increased incomes for the most vulnerable paddy farmers in Sri Lanka.”

“USAID is proud to continue our partnership with FAO and the Ministry of Agriculture,” said USAID Mission Director Gabriel Grau. “Our mutual goals for crop diversification and agricultural efficiency are a natural extension of our work to increase productivity of Sri Lankan agriculture and improve the livelihoods of smallholder paddy farmers.”

In remarks at the launch of the initiative, FAO Representative Vimlendra Sharan called the partnership with USAID and the Ministry of Agriculture a “significant milestone in our commitment to continue to support Sri Lankan agriculture. By combining resources and expertise, we aim to bring about positive and sustainable changes for the farming community.”

FAO and USAID emphasized their commitment to closely collaborating with the government of Sri Lanka and other key stakeholders to ensure the success of this initiative. By fostering resilience and sustainability, the program seeks to contribute to the overall recovery of the agriculture sector, promoting increased yield and profitability for smallholder farmers.

December 7, 2023

Colombo, December 2023 – In a significant stride towards advancing e-mobility and clean energy initiatives, SLING Mobility, in collaboration with the United States Agency for International Development (USAID) Sri Lanka Energy Program, successfully launched the “360° Sustainable Mobility” battery swapping project. The official handover ceremony on November 28, 2023, at the Center for Women’s Research (CENWOR) in Colombo was attended by Love Yadav, General Partner of Lion Ventures in Sri Lanka and Chris Powers, Director, Office of Economic Growth, USAID.

This groundbreaking project will establish an operational framework for an electric vehicle (EV) ecosystem, with an emphasis on utilizing solar power as a main energy source. The pilot project introduces two solar-powered battery-swapping stations strategically located at CENWOR and Fusion Sarvodaya in Colombo. The stations have the capacity to recharge and store batteries, ensuring a seamless and sustainable electric two-wheeler refueling model.

SLING Mobility’s comprehensive approach covers all aspects of the EV ecosystem, from energy generation to consumption. The company’s business strategy, centered around providing cost-effective and efficient mobility solutions to the retail logistics sector through its smart electric vehicle ecosystem, has now become a tangible reality. The model addresses the critical need for efficient battery swapping, minimizing downtime for riders, particularly in the context of collaborative efforts with Uber for food delivery services. This not only results in cost and time savings but also facilitates a trial of the business model’s effectiveness.

The initiative introduces a battery subscription, which significantly enhances affordability by eliminating the initial high-cost barrier for riders. By focusing on the most substantial individual cost for e-bikes and batteries, the company aims to make electric vehicle adoption more accessible.

SLING Mobility and the USAID Sri Lanka Energy Program are committed to engaging with marginalized and economically disadvantaged populations, aiming to stimulate their interest in the retail logistics industry through the use of electric vehicles. The project organized and executed four outreach initiatives, reaching over 100 participants from diverse backgrounds. As a result, the team trained 16 drivers and supported 10 individuals to obtain licenses for the first time, showcasing the project’s commitment to fostering inclusivity and economic empowerment.

SLING Mobility’s collaboration with USAID marks a significant step towards a sustainable and green future for urban mobility in Sri Lanka. The “360° Sustainable Mobility” battery swapping project is not just a technological innovation but a testament to the transformative power of partnerships driving positive change.

The USAID Sri Lanka Energy Program is one component of the United States’ long-standing partnership with the Sri Lankan people to promote a healthy, educated, and employed population. The program supports transforming Sri Lanka’s power sector into a market-based, secure, reliable, and sustainable system by mobilizing investment to deploy advanced technologies, increase flexibility, and enhance competitiveness.

To find out more about USAID’s work, please see usaid.gov/sri-lanka and follow us on Twitter @USAIDSriLanka and Facebook @USAIDSriLankaMaldives.

December 4, 2023

The Colombo Stock Exchange (CSE) conducted an Issuer Forum titled “ඔබේ ව්‍යපාරයේ ඉදිරි ගමනට නව ප්‍රවේශයක් (A New Approach for the Future of Your Business), in association with the U.S. Agency for International Development (USAID), on 29^th November 2023 in Kandy.

The objective of the forum was to provide an insight for small and medium enterprises to discover capital-raising opportunities available at the CSE via listing on the Empower and Dirisavi Boards of the Exchange. Thus, the program was mostly oriented towards companies in agribusinesses, livestock, energy generation, and tourism-related businesses.

The forum drew interest from many entrepreneurs in the area. The delegation included Mr. Suraj Suraweera, CEO, Chrissworld PLC, Mr. Rohan Senewiratne, Managing Director, Atarah Capital (Pvt) Ltd., Ms. Delrene Seneviratne, Deputy Activity Team Lead, USAID Palladium, Mr. Jude Fernando, Director Financial Facilitation, USAID Palladium, and representing CSE, Mr. Rajeeva Bandaranaike, CEO, Ms. Punyamali Saparamadu, SVP–Commercial, Mr. Kassapa Weerasekara, Senior Assistant Manager–Listing, USAID staff, Mr. Dananjaya Abeysiriwardana Manager Kandy branch and CSE staff members.

Delivering the opening remarks, CSE CEO, Mr. Rajeeva Bandaranaike, said, “Having sustainable capital flows and financial freedom is important in reaching greater heights for a business which can be achieved through capital market instruments.

Expressing his experience with listing, Mr. Suraj Suraweera, CEO, Chrissworld PLC, stated, “Listing has led Chrissworld to obtain recognition and attract quality talent; the value addition from the listing has far outweighed the costs, and it has unlocked our true potential.”

Conducting a session on “Benefits and Misconceptions of Listing at CSE,” Mr. Rohan Seneviratne, Managing Director, Atarah Capital (Pvt) Ltd., stated, “One of the most important aspects of listings is price discovery to reveal a company’s true value, and the key pre-requisite for this will be the mindset change to comply with higher standards.”

An insightful panel discussion was also held on the subject of “Journey towards listing and life after listing” towards the end of the forum, with the participation of Ms. Delrene Seneviratne, Mr. Rohan Senewiratne, Mr. Suraj Suraweera, Mr. Kassapa Weerasekara, and Ms. Punyamali Saparamadu as the moderator.

September 18, 2023

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Colombo, Sri Lanka, – After over two months of preparations, Island Climate Initiative with funding from USAID and in collaboration with the National Innovation Agency, John Keells X and MAS Foundation for Change, successfully hosted a Demo Day and Innovation Trade Show dedicated to unveiling groundbreaking solutions to address the pressing issue of single-use plastics – the first of its kind in Sri Lanka

The event, held on September 14th at The stables, Park Street Mews, was attended by renowned dignitaries and industry leaders who are committed to sustainable initiatives in Sri Lanka.

The highlight of the evening was the culmination of the Plastic Innovation Challenge, an initiative launched by Island Climate Initiative and its partners in May 2023. This challenge was part of a project funded by United States Agency for International Development’s (USAID) Clean Cities Blue Oceans program, a global project operating in Sri Lanka and six other countries working to identify solutions to plastic waste issues.

With Sri Lanka generating over 900 metric tons of plastic waste daily, of which only 4 percent is recycled, the majority ends up in landfills or unregulated dumps. Such plastic waste enters waterways, eventually finding its way into the ocean, impacting aquatic and marine life, and contaminating food chains that affect both land animals and humans. As a response, the Plastic Innovation Challenge was launched to empower Sri Lanka’s young entrepreneurs to innovate ourselves out of the plastic problem.

Over 150 innovators responded to the call out launched in May and after a rigorous assessment, seven applicants were selected to participate in a comprehensive two mo incubation program that helped them further develop their enterprise towards successful commercialization.

During the event, a wide array of innovative solutions was showcased, including biodegradable alternatives to single-use plastics made of organic waste, non-recyclable plastic waste management systems, and portable machinery to decentralize plastic waste processing.

Four finalists who were selected by a panel of distinguished industry experts, pitched their ideas and technologies to an audience comprising potential investors, consumer goods companies, industry leaders, government representatives, and USAID delegates. These innovators will now have the opportunity to collaborate closely with industry partners to bring their solutions to market, addressing the issue of single-use plastics in Sri Lanka. Two of the innovators received financial support for product development from Coca-Cola Beverages Sri Lanka Ltd and Laugfs Eco Sri Limited.

The event featured a trade show that showcased technologies and products from already commercialized solution providers from Sri Lanka. This exhibition aimed to introduce currently available solutions addressing single-use plastics to consumer goods companies.

Additionally, an insightful panel discussion titled “Reducing, Recycling, and Repurposing Plastics: Opportunities and Challenges in the Journey from Innovation to Commercialization” took place. The discussion was moderated by Thilina Weerasekara, Head of John Keells Research, and featured a distinguished panel of experts including Prof. Ajith de Alwis, Chief Innovation Officer of the National Innovation Agency; Sharika Senanayake, Director of MAS Foundation for Change; Anosha Koralage, Head of Sustainability at John Keells Holdings; and Hasanka Padukka, Co-Founder of Thuru and Zerotrash.

“USAID recognizes the importance of promoting and advancing innovative solutions to plastic pollution,” said Christopher Powers, director of USAID Sri Lanka’s Office of Economic Growth. “This is not only for the obvious positive impact on the environment but also because the growth of these innovative businesses will help drive economic prosperity.”

This event aimed to inspire and motivate local entrepreneurs and innovators to step forward with their products and ideas, while also fostering collaboration between corporates and industries to embrace innovative solutions for pressing environmental challenges.

August 17, 2023

“USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Program, businesses can unlock fresh pathways for growth, capitalize on capital market opportunities, and contribute to the nation’s economic prosperity.” – Mr. Mark Peters- Economic Growth Advisor, USAID.
“A listing will not only strengthen your company’s capital and corporate image, but it will also have a significant impact on the company’s growth prospects.” – Mr. Rajeeva Bandaranaike, CSE CEO
“Fundraising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME, as well as creating a platform for future funding and growth.” – Amani Ranaweera, Acuity Partners (PVT) Ltd.
“Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs; hence, listing on the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure, and thereby successfully face challenges in the business environment.” – Mr. Rohan Senewiratne, Atarah Capital (Pvt) Limited

The Colombo Stock Exchange (CSE) conducted an Issuer Relations Forum titled “Unlocking funding opportunities for SMEs through the Colombo Stock Exchange”, in association with the U.S. Agency for International Development (USAID) in Sri Lanka on 15^th August 2023 at the Mövenpick Hotel Colombo.

The forum provided insights for small- and medium-sized enterprises in key sectors, such as Agribusiness and Information, Communication & Technology (ICT), to discover capital-raising opportunities available at the CSE via listing on the Empower and Dirisavi Boards of the Exchange.

The forum was attended by the USAID Economic Growth Advisor, Mr. Mark Peters, USAID CATALYZE PSD Activity Team Lead Mr. Juan Forero, CSE Chief Executive Officer (CEO) Mr. Rajeeva Bandaranaike, Chief Regulatory Officer (CRO) Mr. Renuke Wijayawardhane, Senior Vice President, Commercial Ms. Punyamali Saparamadu, Atarah Capital (Pvt) Limited Managing Director Mr. Rohan Senewiratne, Acuity Partners (Pvt) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera and representatives from investment banks, SMEs interested in raising capital, USAID, and CSE.

Delivering the opening remarks, USAID Economic Growth Advisor, Mr. Mark Peters, said “Sri Lanka’s sustainable development and recovery hinge on bolstering capital markets while creating additional funding avenues for SMEs across the nation. USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Program, businesses can unlock fresh pathways for growth, capitalize on capital market opportunities, and contribute to the nation’s economic prosperity.”

Through the USAID CATALYZE Private Sector Development (PSD) Activity, USAID Sri Lanka boosts private capital in vital Sri Lankan sectors. Such programs support the private sector in fostering inclusive economic growth and facilitating affordable financing access.

CSE CEO Mr. Rajeeva Bandaranaike, in his remarks, stated, “We are pleased to have received a positive response for this initiative today. Over the years we have seen numerous companies listing on the Colombo Stock Exchange, with both the company and its shareholders benefitting in the process.”

“We have witnessed a dynamic growth in the capital market of Sri Lanka. The Government’s recent Domestic Debt Optimization (DDO) process also had a positive impact on the CSE. We are actively looking at new products to be introduced to the market,” Mr. Bandaranaike added.

Encouraging the participants to list on the CSE, he further said, “A listing will not only strengthen your company’s capital and corporate image, but it will have a significant impact on the company’s growth prospects. Therefore, we encourage companies to make use of this opportunity.”

Addressing the gathering, Acuity Partners (PVT) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera said “We are seeing tangible signs of an economic revival. After several challenging years, now is the time for SMEs to put the appropriate framework and processes in place to take advantage of capital raising opportunities.”

“Fund raising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME as well as creating a platform for future funding and growth. With USAID’s CATALYZE project gaining access to funding is now more affordable to SMEs,” she added.

Speaking at the forum, under the subject of “Listing on the CSE as a Game Changer”, Mr. Rohan Senewiratne, Managing Director of Atarah Capital (Pvt) Limited stated “SMEs comprise more than 75% of enterprises, account for more than 20% of Sri Lankan exports, 45% of employment and 52% of the GDP.”

“SMEs can play a vital role in the economic recovery of Sri Lanka if they are able to gain access to raise equity capital. Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs hence listing in the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure and thereby successfully face challenges in the business environment,” Mr. Senewiratne added.

Further, an insightful panel discussion was held on the subject of “Journey towards listing and life after listing” with the participation of CSE CRO Mr. Renuke Wijewardhane, USAID CATALYZE PSD Activity Team Lead Mr. Juan Forero, NDB Investment Banking Ltd Senior Vice President Mr. Saminda Weerasinghe CFA, Capital Alliance Partners Limited CEO Mr. Nishok Goonasekera, Prime Lands Residencies PLC Co- Chairman Mr. Premalal Brahamanage, Luminex CEO Mr. Palitha Herath with the Senior Vice President, Commercial Ms. Punyamali Saparamadu as the moderator.

June 22, 2023

COLOMBO, Sri Lanka – The United States Agency for International Development (USAID) and Sri Lanka Tourism Development Authority (SLTDA) recently launched a new strategy to reenergize the critical tourism sector by promoting a dozen new sustainable niche tourism categories. From adventure tourism and cultural experiences to hosted/curated experiences and wellness and healing, these categories are set to enhance Sri Lanka’s tourism offerings and attract more global travelers.

Tourism is rebounding globally in the wake of the worldwide pandemic and, although Sri Lanka arrivals rose 30 percent in the first quarter over the same period a year ago, the segment is highly competitive. Successful implementation of the new strategy will allow Sri Lanka to better establish its brand identity, increase its appeal and market share, create jobs and opportunities across the tourism sector, and generate much-needed foreign exchange. The launch of this strategy is a strong step forward in USAID’s Indo-Pacific Opportunity Project (IPOP), and it will further support SLTDA to bring niche tourism businesses into the formal sector and help define outreach efforts going forward.

Tourism is critical to Sri Lanka’s economy as it exits the pandemic and deals with its internal economic crisis. Pre-pandemic tourism represented 12 percent of the country’s GDP, generating US $4.3 billion in revenue in 2018. Already popular as a tourism destination for its natural beauty and cultural heritage, Sri Lanka will benefit from the new strategy by offering differentiated experiences for travellers seeking an immersive holiday.

“The increase in tourist arrivals this year in Sri Lanka is noteworthy,” said Gabriel Grau, USAID Mission Director to Sri Lanka and Maldives at a special launch event held on Friday 9^th June at The Barnhouse in Panadura. MD Grau added, “It shows that Sri Lanka is again ready to realize its full potential as a global tourist destination, following years of downturn due to COVID and the economic crisis. The new sustainable niche tourism strategy will be a catalyst to help further boost these numbers and help Sri Lanka’s tourism sector get back on track and bolster the country’s economic recovery. I am particularly pleased that USAID is engaged in this important sector and that we are supporting Sri Lanka’s return to economic stability. With the United States having worked side-by-side with Sri Lanka for 75 years, this is what a strong partnership looks like.”

“Today is a special day for Sri Lankan tourism as we launch a new sustainable niche tourism strategy in Sri Lanka. It marks a new paradigm for positioning Sri Lanka’s tourism offering to highlight, support, and promote these niche products, which will help Sri Lanka fully exploit its potential to be a high-yielding, experience-driven destination,” said Upali Rathnayake, Deputy Director General of SLTDA.

One of the first steps is to create and adopt registration criteria for businesses operating in the new segments established by the new strategy. Registered tourism businesses benefit from being listed on SLTDA’s official website, which helps them gain access to large tour operators. This also will help in the development of products in the new categories.

USAID launched the tourism activity under IPOP in July 2022 to support economic reforms and promote foreign direct investment in Sri Lanka. The two-year project is assisting SLTDA to streamline and implement new policies and procedures to enable fast-tracking and attraction of foreign direct investment in the tourism sector.

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