Port City Colombo celebrates World Environment Day 2023

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Port City Colombo, Sri Lanka's greenfield land reclamation project, is pleased to commemorate World Environment Day 2023 by sharing its commitment to sustainable development and environmental stewardship.

Recognizing the importance of social responsibility and its impact on stakeholders, Port City Colombo has made it a key pillar of the project. This commitment is demonstrated across all stages of planning, design, and construction, ensuring scientific management and responsible construction practices.

As the largest urban infrastructure development project in the country, Port City Colombo SEZ has prioritized several sustainability areas outlined in its detailed Development Control Regulations (DCR) document, designed for a harmonious coexistence between urban living and the natural environment.

In line with its vision to become a global example of sustainable city living, Port City Colombo has implemented a comprehensive review of the following topics, which will be based on a detailed international benchmarking exercise: green spaces and biodiversity, energy efficiency, water and waste management, green building standards, and pedestrian-optimised transport.

Port City Colombo recognizes the importance of preserving and enhancing green spaces within the city, incorporating extensive green areas, parks, and gardens to foster biodiversity and provide residents and visitors with a refreshing connection to nature.

To promote energy efficiency, the development strictly adheres to stringent energy efficiency standards, emphasizing the use of renewable energy sources and reducing carbon emissions. Advanced technologies and sustainable design practices are being integrated to optimize energy consumption and minimize environmental impact.

Water conservation and management are given paramount importance, with state-of-the-art systems in place to ensure efficient water use. Rainwater harvesting and water recycling initiatives have been implemented to reduce water consumption and preserve this precious resource.

Port City Colombo, through strategic partnerships and innovative practices, the project aims to minimize waste generation, maximize recycling rates, and reduce the environmental impact of waste.

Emphasizing the importance of green building practices, Port City Colombo adheres to the DCR guidelines. The project encourages sustainable construction methods, materials, and designs to minimize the ecological footprint of buildings and promote a healthy and eco-friendly living environment.

"Port City Colombo takes pride in its commitment to sustainability and environmental consciousness. The project remains dedicated to promoting a sustainable urban lifestyle while preserving the natural ecosystem surrounding it," shared the Colombo Port City Economic Commission, Chairman.

Port City Colombo invites individuals, organizations, and communities to join hands in creating a greener future.

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In an effort to accelerate trade facilitation commitments and bolster the business landscape in Sri Lanka, a high-level review of the National Trade Facilitation Committee (NTFC) was conducted at the Presidential Secretariat on Wednesday (7).

The review focused on assessing the progress of trade facilitation commitments and scrutinizing the performance of the NTFC Secretariat. The private sector also voiced their views on expediting actions to ensure the completion of measures ahead of the projected timeline of 2025-2030.

In order to streamline compliance and optimize performance, several directives were issued during the meeting. Firstly, it was decided to establish the NTFC Secretariat under the supervision of the Ministry of Finance. Secondly, immediate measures to be taken to address the staffing requirements of the Secretariat and lastly, the budget allocated for the NTFC Secretariat in 2023, currently under the Department of Customs, was to be transferred to the Ministry of Finance to prioritize pending actions such as the development of the NTFC website and progress reporting system.

During the meeting, deliberations took place concerning the proposed National Single Window, a system aimed at simplifying and expediting trade processes. The participants agreed to expedite the submission of the proposal in a sequential manner to ensure its swift implementation.

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Asian Development Bank's (ADB) Director General for South Asia Kenichi Yokoyama and newly appointed Country Director Takafumi Kadono held discussions with Prime Minister Dinesh Gunawardena on Thursday (June 8) at the Temple Trees in Colombo.

The Prime Minister, while welcoming the new Director General thanked the outgoing DG, Chen Chen for the support extended to Sri Lanka during the height of Covid pandemic and the economic crisis. He thanked the ADB for extending short term, immediate contingency support which has helped Sri Lankan economy to recover from the unprecedented crisis within a short period of time. ADB loan funds amounting to USD 380 mn were targeted for enhancing fiscal space and efficient public financial management system as well as strengthening the SME sector with access to finance. Further USD 250 mn was obtained as budgetary support to develop Capital Market.

The Prime Minister made a special mention about ADB's US$ 333 million emergency assistance to support import of essential items such as fertilizer, medicines and chemicals for water treatment, working capital support to SMEs, and cash transfer to most poor and vulnerable to mitigate the impact of economic crisis.

ADB Director General for South Asia Keinichi Yokohoma, praised the recovery made by Sri Lankan economy and briefed the Prime Minister about the ADB's mid-term and long-term projects for economic progress and infrastructure development.

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The Asian Development Bank (ADB) has approved the eligibility of Sri Lanka to access concessional financing. The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka's options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable.

Eligibility for concessional resources among the developing member countries of ADB is based on gross national income per capita and creditworthiness. ADB's decision was considered based on a request from the Government of Sri Lanka in view of the severe and unprecedented economic crisis that has reversed hard-won development gains.

"ADB is committed to further enhancing its support for the people of Sri Lanka as the country responds to this deep crisis that has severely undermined their livelihoods and well-being," said ADB Director General for South Asia Kenichi Yokoyama. "The availability of concessional assistance will help Sri Lanka to lay the foundation for economic recovery and sustained, inclusive growth."

Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis. Access to concessional financing will also ease debt servicing pressures through more favorable lending terms.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

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