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

Sri Lanka to Launch First Digital Motor Insurance Card from May 1

Published

1 day ago

April 25, 2026

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Sri Lanka’s Ministry of Finance, Planning, and Economic Development has announced that the country’s first digital motor insurance card will be introduced from May 1.

The Ministry stated that this initiative represents a significant step toward advancing national digitalization while also enhancing public safety.

By replacing physical plastic cards, the move is also expected to contribute to environmental sustainability across the country.

The Ministry added that the digital motor insurance card will be officially launched in collaboration with the Insurance Regulatory Commission of Sri Lanka, the Insurance Association of Sri Lanka, and the Sri Lanka Police.

Economy

Sri Lanka Confirms Hackers Diverted USD 2.5M Meant for Australian Debt Repayment

Published

3 days ago

April 24, 2026

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Sri Lanka’s Ministry of Finance has revealed that cyber hackers infiltrated the computer system of the External Resources Department, leading to the fraudulent diversion of a foreign debt repayment of nearly USD 2.5 million intended for Australia.

Addressing the issue, Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, said the intrusion was first detected in January 2026, when officials became aware that hackers had attempted to gain unauthorized access to the External Resources Department’s systems and compromise them. Upon identifying the threat, the Ministry immediately alerted law‑enforcement authorities.

He said reports were lodged with the Sri Lanka Computer Emergency Readiness Team (SL‑CERT) and the Computer Crimes Investigation Division of the Sri Lanka Police to investigate the attempted system breach. In parallel, ministry officials instructed the External Resources Department to conduct an internal review to determine whether any further damage had occurred beyond the initial incident.

Subsequent investigations revealed that the cyberattack had taken place earlier than first detected. A review of previous months’ transactions uncovered that hackers had intercepted email communications linked to a government‑to‑government debt repayment involving Australia.

Economy

Hackers hit Sri Lanka Finance Ministry as USD 2.5M storm erupts

Published

4 days ago

April 23, 2026

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The Government is facing scrutiny following reports that $ 2.5 million (nearly Rs. 800 million) of Treasury funds was diverted during a foreign debt repayment, with the amount yet to reach the intended creditor country.

The funds were part of a bilateral payment to Australia amounting $ 22.9 million, with settlement due in September 2025.

The Treasury has appointed a Technical Investigation Committee to probe a suspected fraudulent payment involving $ 2.5 million linked to a bilateral transaction with Australia. The committee includes two Deputy Secretaries to the Treasury and will be co-chaired by A.N. Hapugala and S.S. Mudalige. The other members are National Planning Department Director General K.T.I. Premaratne, Legal Affairs Department Additional Director General A.K.D.D. Arandara, and Information Technology Management Department Assistant Director E.D. Shirantha.

The Committee has been tasked with probing the risk of fraudulent payment instructions received via email, which may have contributed to the disappearance of the funds remitted to Australia. It has been directed to carry out a comprehensive investigation into the incident and submit its report at the earliest.

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