Economy

‘Now Is the Time to Invest in Sri Lanka’ – CBSL Governor

Published

7 hours ago

August 18, 2026

Central Bank Governor Dr. Nandalal Weerasinghe has expressed confidence in Sri Lanka’s economic outlook, stating that the country is on a steady recovery path and presents attractive opportunities for investors despite ongoing global economic uncertainties and energy market volatility.

Speaking to Bloomberg on the sidelines of the Invest Sri Lanka events held in Sydney and Melbourne, Australia, Dr. Weerasinghe said the economy has recovered strongly following the country’s economic crisis and is currently recording growth of around five percent.

He noted that Sri Lanka has successfully navigated several external shocks, including tensions in the Middle East and adverse weather conditions caused by cyclonic activity, while maintaining economic stability.

According to the Governor, the economy is now moving towards a higher growth trajectory, creating favorable conditions for both local and foreign investors.

Economy

Rs. 2.5 Billion Revenue-Generating Development Projects To Commence

Published

2 days ago

August 16, 2026

admin

A series of Revenue-Generating Development projects worth Rs. 2.5 billion will commence across the island from today (14), under the direction of the Ministry of Public Administration, Provincial Councils and Local Government.

The main objective of the programme is to strengthen the local economy and social conditions.

The project will be implemented under the ‘Punarudaya Purawara’ national program in Sri Lanka.

Accordingly, the first programme will be held today in the Madurankuliya, Puttalam and the Agunukolapelessa area, under the patronage of the Minister and Deputy Minister of Public Administration, Provincial Councils and Local Government.

More than 100 projects covering several sectors are to be included in the programme.

Economy

CPC Seeks Investors As Natural Gas Confirmed in Mannar Basin

Published

5 days ago

August 13, 2026

admin

The Ceylon Petroleum Corporation says the process of calling for proposals to select an appropriate investor to extract and utilize the natural gas resources in the Mannar Basin will begin this month.

Managing Director of CPC, Dr. Mayura Neththikumara, said the presence of natural gas in the Mannar Basin has been scientifically confirmed by the Sri Lanka Petroleum Development Authority.

The relevant process will be carried out with the approval of the Procurement Committee, and investors will be given approximately five months to submit their applications.

Economy

Battery storage systems to join national grid in September

Published

1 week ago

August 11, 2026

admin

Commercial-scale battery energy storage systems being installed at 16 electricity transmission substations across Sri Lanka are expected to be connected to the national grid in early September.

The systems, which were brought into Sri Lanka through the Colombo Port in three stages during May and June, are currently in the final stages of construction.

The project being implemented by WindForce PLC near the Anuradhapura substation is now around 85% complete.

The battery systems will store excess electricity generated by solar power plants during the daytime and release the stored electricity to the national grid at night when required.

Officials said the system would help maintain the stability of the national grid while reducing the need to generate electricity from diesel power plants during nighttime hours.

Each battery energy storage project will have a capacity of 10 MW. The National System Operator Ltd. (NSO), operating under the Ministry of Energy, will be responsible for managing and controlling the systems, while their maintenance will be handled by the respective companies.