Economy

Sri Lanka Secures $100 Million for Eco-Friendly Export Farming with Solar Pumps

Published

2 years ago

May 8, 2024

Sri Lanka is set to receive a significant investment of $100 million aimed at modernizing agricultural practices over the next two decades, focusing on sustainable farming and exports, officials have announced.

Under the auspices of President Ranil Wickremesinghe’s office, the Climate Change Office of Sri Lanka, in collaboration with the Climate Vulnerable Forum (CVF) and Nativa Capital of Portugal, finalized the $100 million deal on Tuesday. The project will be centered in Sri Lanka’s North Central district of Anuradhapura, focusing on farming and forest protection initiatives.

As part of the project, each of the 15,000 farming families involved will receive a concessional loan totaling $6,000 throughout the project duration. This funding will support the cultivation of watermelon, red chilies, and tomatoes in the initial phase, alongside the implementation of solar pumps and other energy projects to promote sustainable agriculture.

Nativa Capital, the investment company involved, will also play a role in facilitating market procurement for these crops, with an eye toward future export opportunities and the establishment of factories within Sri Lanka.

Ruwan Wijewardene, the President’s Senior Advisor on Climate Change, emphasized the comprehensive benefits for farming families, stating, “Each family stands to benefit from an investment totaling approximately $6,000, covering not only modern technical equipment but also addressing longstanding market access challenges faced by farmers.”

Efforts have been made to tackle market access issues, with Nativa committing to purchasing produce from the project. The initiative is not limited to Anuradhapura; it will expand to encompass other crops and areas, including the Polonnaruwa district and the Eastern province in the future.

Wijewardene highlighted the broader objectives of the project, stating, “Upon the successful implementation of this pilot project, the government plans to extend modern agricultural technologies to other districts, foreseeing a transformation in the export economy and an enhancement in the quality of life for farmers.”

The project aims to foster economic prosperity while empowering farming communities with innovative technology and sustainable practices, creating employment opportunities, attracting foreign investment, and strengthening Sri Lanka’s agricultural sector.

Execution of the project will be overseen by Our Movement Lanka, a community-based organization, in collaboration with Nativa Capital and the Sri Lankan government. A pilot project involving fifteen families cultivating chili has already commenced, with plans underway for further expansion.”

However, officials have yet to provide projections regarding potential foreign exchange inflows despite repeated requests.

Related Topics:Agriculture Economy Farming Featured

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Economy

Vehicle imports generate Rs. 512.5 billion in tax revenue

Published

1 day ago

September 8, 2026

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Sri Lanka imported 316,000 vehicles during the first six months of 2026, generating Rs. 512.547 billion in tax revenue, according to officials from Sri Lanka Customs.

The figures were revealed during a review of the operations and revenue performance of Sri Lanka Customs by the Parliamentary Committee on Ways and Means.

Of the total tax revenue generated through vehicle imports, motor vehicles imports accounted for the largest share, contributing Rs. 386.726 billion.

Petrol-powered cars with engine capacities below 1,000cc emerged as the highest revenue-generating category, contributing Rs. 137.4 billion in Customs revenue. This represented 9.96% of total Customs revenue.

Meanwhile, Sri Lanka Customs recorded total revenue of Rs. 1.379 trillion by June 30, 2026, against an expected revenue of Rs. 1.061 trillion for the period, representing 130% of the targeted revenue.

Officials informed the committee that customs revenue had exceeded monthly targets throughout the year and had recorded higher revenue compared with the corresponding months of 2025.

Economy

Rs. 5.8bn World Bank-backed project to rehabilitate 296 irrigation tanks

Published

3 days ago

September 6, 2026

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Sri Lanka has begun rehabilitating 296 minor irrigation tanks under a World Bank-funded programme aimed at strengthening irrigation infrastructure and improving climate resilience.

More than Rs. 5.8 billion has been allocated for the work under the Integrated Rurban Development and Climate Resilience Project (IRDCRP), which is planned to continue until 2029.

Of the 296 tanks, 290 are located across 18 districts and were damaged by Cyclone Ditwah. About Rs. 5.58 billion has been allocated for their rehabilitation under the project’s Contingent Emergency Response Component.

The largest number of affected tanks is in Badulla, where 97 are being rehabilitated, followed by Ratnapura with 29, Mannar with 24 and Kurunegala with 19. Fifteen tanks each are being rehabilitated in Kandy and Vavuniya.

A further six minor irrigation tanks in Polonnaruwa, Hambantota and Jaffna are also being rehabilitated at a cost of about Rs. 256.2 million.

Economy

Sri Lanka exports to India grow 7.2% to USD 669mn in first seven months

Published

5 days ago

September 4, 2026

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Sri Lanka’s merchandise exports to India increased by 7.22% year-on-year during the first seven months of 2026, reaching US$669.36 million, according to data from the Export Development Board (EDB).

Exports to India during the January-July period rose from US$624.31 million recorded during the corresponding period of 2025.

In July alone, exports to India increased by 9.12% year-on-year to US$129.51 million, compared with US$118.69 million in July 2025.

The EDB said the cumulative growth in exports to India was mainly supported by increased shipments of boilers, piston engines, pumps and vacuum pumps, petroleum oils, animal feed and base metal products.

The growth also came amid a broader expansion in Sri Lanka’s exports to the South Asian region.

Exports to South Asian markets increased by 11.98% year-on-year to US$916.55 million during the January-July 2026 period.