Economy

$ 900 m in four months: Port City Colombo signals new investment era

Published

4 weeks ago

April 11, 2026

From November 2025 to March, Port City Colombo secured approximately $ 900 million in investments, an almost unprecedented surge for a project that had seen gradual traction in its early years amid broader macroeconomic challenges. The timing is not accidental.

After a prolonged period marked by the Easter Sunday attacks, the global shock of the COVID-19 pandemic, and Sri Lanka’s economic collapse, the project remained largely in a holding pattern.

International marketing efforts began to gain momentum from late 2025 onwards, as conditions began to stabilise.

“The macro story had to align first,” Aluwihare explained. “You cannot market a country when the fundamentals are unstable. Now, we are seeing recovery, policy alignment, and growing confidence, and we are finally seeing the results.”

From real estate to a ring-fenced financial ecosystem

Port City Colombo’s most significant transformation has been conceptual rather than physical. Originally envisioned as a waterfront real estate development, it has evolved into a fully ring-fenced services export Special Economic Zone (SEZ), enabled by the Colombo Port City Economic Commission Act.

Economy

Sri Lanka’s official reserves fall below US$ 7 billion

Published

1 hour ago

May 10, 2026

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Sri Lanka’s official reserve assets fell below the US$ 7 billion mark again in April 2026, according to the latest data released by the Central Bank of Sri Lanka.

The country’s total official reserve assets declined from US$ 7.026 billion recorded at the end of March 2026 to US$ 6.759 billion by the end of April.

Data also showed that foreign exchange reserves — the main component of official reserves — dropped from US$ 6.8 billion to US$ 6.505 billion during the month.

Meanwhile, Sri Lanka’s gold reserves declined slightly from US$ 222 million to US$ 219 million.

Economy

PayPal to launch in Sri Lanka from May 15

Published

2 days ago

May 8, 2026

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PayPal is set to launch in Sri Lanka on 15 May, in a move expected to expand formal digital payment channels, initially starting with business-to-business (B2B) payments to exporters.

According to sources, the initial rollout will focus on enabling inward payments to exporters, with several local banks already appointed as agents for the service.

While an official announcement is yet to be made, sources said the launch is currently scheduled for 15 May, with the Presidential Secretariat likely to host the event.

Banking sector officials have already participated in familiarisation sessions relating to PayPal’s entry into Sri Lanka, while PayPal representatives are understood to have visited the country last month for discussions with local stakeholders and financial institutions regarding the rollout framework.

The move follows months of engagement between the Government, the Central Bank of Sri Lanka (CBSL), and the private sector, aimed at enabling regulated inward remittance functionality through the global online payments platform.

In February, Digital Economy Ministry Secretary Waruna Sri Dhanapala said Sri Lanka had entered the final stage of enabling inward remittances through PayPal, describing it as a key milestone in modernising the country’s digital payments ecosystem.

Economy

Sri Lanka tests online ticket booking platform or intercity bus travel

Published

5 days ago

May 5, 2026

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Sri Lanka has launched a pilot programme to enable online seat reservations for long-distance bus travel, Transport and Highways Minister Bimal Rathnayake announced today.

Speaking at a media briefing, the Minister said buses remain the most widely used mode of daily transport in the country, even surpassing trains in popularity.

However, he noted that passengers currently face inconvenience as they must physically visit bus terminals to reserve seats, making travel planning difficult.

“This new system will allow passengers to reserve seats in advance and plan their journeys more efficiently. Our aim is to make daily life easier,” he said.

The initiative will initially be implemented through private bus operators, with plans to expand the service to the Sri Lanka Transport Board (SLTB) at a later stage.

Sri Lanka Telecom Chairman Mothilal De Silva stated that the platform was introduced ahead of the New Year holiday period in collaboration with several private sector partners.