The Asian Development Bank (ADB) has received $12.6 million of funding for 2018 to 2020 from the Women Entrepreneurs Finance Initiative (We-Fi) to generate more resources for Sri Lankan women-led businesses.The grant—one of three awarded under the inaugural call for proposals—enhances ADB’s support for women-led small and medium-sized enterprises (SMEs), vital for economic growth and job creation in Sri Lanka.
“The We-Fi financing supports ADB’s SME Line of Credit Project to foster a better environment for female entrepreneurship, and strengthens women’s skills and capacities to run successful enterprises,” said ADB Financial Sector Specialist Amanda Tan. “ADB commits to support women’s entrepreneurship, through comprehensive approaches that address major barriers such as access to finance, policies, and business capacity development.”
In Sri Lanka, female participation in the labour force at 40% is significantly lower than for men (75%). Unemployment rates are also significantly higher for women. There is also a large gender gap in the share of women who are unpaid family workers which account for 20.4% of women compared to 3% of men.SMEs contribute about 45% of Sri Lanka’s gross domestic product and provide about half of the country’s jobs. Yet, among SMEs, only 25% of entrepreneurs are women. Their lower capacity contributes to the $350 million gender credit gap. Capitalizing on entrepreneurship to economically empower women and generate inclusive growth in Sri Lanka will require reducing various bottlenecks, especially access to finance.
Sri Lanka Tourism Promotion Bureau has successfully concluded a three-day promotional mission to the United Arab Emirates as part of its on-going efforts to develop new markets and increase the number of visitors and spend from the region to Sri Lanka.
A 33-member delegation from Sri Lanka's tourism and hospitality industries led by Madubhani Perera, Director/Marketing, Sri Lanka Tourism Promotion Bureau visited Sharjah, Abu Dhabi and Dubai.The delegation held the roadshow at Radisson Blu Sharjah, Le Royale Meridien Abu Dhabi and Crowne Plaza Sheikh Zayed Road Dubai on April 17, 18 and 19, 2018, holding one to one meetings and informational seminars with leading travel agency representatives and outbound operators in each city, Saudi Gazette reported."The mission has been a resounding success, with excellent attendance with the right partners in each of the cities visited, and our co-participating Sri Lankan industry partners reporting highly productive meetings that will result in increased business and travel to Sri Lanka from the region," Perera said.
Sri Lanka will celebrate international labour day on the 7th of May following a cabinet decision.The Government then decided to cancel the public holiday on the 1st of May and grant a public holiday on the 7th of May. The Department of Labour notes that this public holiday should be granted to all employees including those serving in the private sector.
A unit which was temporarily shut last week, for maintenance at the Nororchcholai Lakvijaya power plant will recommence power generation from tomorrow, contributing the power plant’s optimum of 900 MW to the national grid.A highly placed official at Lakvijaya told that work on the unit has been completed and was ready for use.“The Electrostatic Precipitator (ESP), a unit that collects fly ash exiting the chimney, from being released to the atmosphere, was faulty and we have rectified the fault. It will be restarted tomorrow, contributing 300MW, to the system; its full capacity,” he said.
The International Monetary Fund has approved the fourth tranche of Sri Lanka Extended Fund Facility. This is after constructive discussions with officials in Colombo and during the Spring Meetings in Washington DC.
The Commercial High Court issued an order to Kuwait Airways to pay Rs. 2,000,000 as compensation for a baggage delay. Colombo Commercial High Court Judge Mahinda Samayawardana issued this order granting compensation to two lawyers, Mahinda Jayawardana and his spouse, for the immense hardships they suffered during a trip to Egypt in 2010 due to the alleged negligence on the part of the Defendant, Kuwait Airways, attributed to baggage delay. Plaintiff the Jayawardanas cited World Travel Center Colombo Ltd., South Asian Travels Ltd. and Kuwait Airways Corporation as Defendants.
The public and bank holiday which had been assigned to May 1, 2018 has been cancelled while May 7 (Monday) has been declared a public and bank holiday instead.The Government Information Department, issuing a statement today, said that the public and bank holiday which was designated for May 1 (Tuesday) to mark International Workers’ Day was cancelled in view of the National Vesak Week from April 26 to May 2.
The legal requirement is implemented under the direction of Transport and Civil Aviation Minister Nimal Siripala de Silva to ensure a quality transport service to the public. He said that under this measure three-wheeler drivers are required to issue a receipt to their customers for the fee charged for each trip.
Sri Lanka has been named as the country to give leadership for the conservation of mangroves in Commonwealth countries.This was stated during the 25th inaugural ceremony of Commonwealth Heads of Government Meeting (CHOGM), held today (19) in London.
Sri Lanka’s economic outlook remains favorable provided the government is committed to the reform agenda of improving competitiveness, governance and public financial management says the World Bank in their outlook.Economic growth is projected to be around 4.5 in 2018 from 3.1 (estimated) in 2017 and will continue to be around 4.5% in the medium term, driven by private consumption and investment.