The Cabinet of Ministers has approved a new funding framework to accelerate the commercialization of research and development (R&D) projects in Sri Lanka, allocating Rs. 1 billion under the 2025 Budget to support innovative solutions that align with the government’s production-based economic policy.

A dedicated unit named the ‘Research and Development Commercialization Approach’, operating under the Presidential Secretariat, has been tasked with evaluating and executing high-impact proposals.

To date, the unit has submitted applications totalling Rs. 2.2 billion to local researchers and entrepreneurs.

The evaluation process will be conducted in two phases, technical and administrative, to identify projects that are economically, socially, and environmentally viable. 

Selected proposals will be categorized based on their strategic importance and potential contribution to national development.

Key funding provisions include:

• Maximum grant per project: Rs. 50 million
• Up to Rs. 10 million may be issued as a direct grant based on feasibility
• Remaining funds to be repaid as 25% of net profit annually, after a one-year grace period
• Grants will be disbursed via Bank of Ceylon, in collaboration with the Department of Development Finance

The initiative aims to empower Sri Lankan researchers and entrepreneurs to transform innovative ideas into commercially viable ventures, while reinforcing the country’s commitment to inclusive, knowledge-driven growth. (Newswire)

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Cabinet approval has been granted to increase the grant provided by the Government of the United States of America up to USD 52.835 million for the “Programme for a Sri Lanka with democracy, prosperity and the capability to face disasters”.

According to the government, an agreement was signed between the Governments of Sri Lanka and the USA in August 2022 to receive a grant to finance the said programme. 

Under the agreement, Sri Lanka was granted an amount of USD 9.069 million and during the year the value of the grant was revised up to USD 28.299 million twice. 

However, the United States Agency for International Development (USAID) has proposed to further increase the value of the grant up to USD 52.835 million. 

Accordingly, the Cabinet approved the proposal presented by the President, in his capacity as the Minister of Finance, to revise the corporative agreement by increasing the grant up to USD 52.835 million for the said programme. (Newswire)

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The Japanese Government has provided a grant of US$ 3 million through the Food and Agriculture Organization of the United Nations (FAO), to strengthen inland fisheries and improve rural livelihoods in partnership with the Ministry of Fisheries.

According to an FAO statement, the US$ 3 million initiative will bolster food and nutritional security and fortify resilience by establishing four community-operated mini hatcheries in Batticaloa, Mullaitivu, Anuradhapura and Monaragala districts, upgrading four NAQDA Aquaculture Development Centres and one community operated mini fish breeding centre to increase breeding and rearing capacity, enhance fingerling stocks in selected reservoirs, develop broodstock for breeding units and promote cage culture for seed rearing among fisher communities.

The one-year project will also provide 3 live fish transportation trucks to NAQDA to transport fingerlings, integrate digital technology into inland fisheries, and enhance the technical capacities of officers and fishers in the production, management, processing and value addition of inland fisheries. 

In his speech, Ambassador Mizukoshi stressed “Japan and Sri Lanka, both island nations, share a deep-rooted appreciation for the importance of fisheries in our economies and cultures. Recognizing this shared significance, Japan has been steadfast in its commitment to supporting Sri Lanka’s fisheries development, particularly in the maritime domain, since 2023. With the initiation of this new project alongside our continued efforts, Japan is committed to strengthening Sri Lanka’s fisheries sector, thereby improving food security and livelihoods.”

“Sri Lanka’s inland fisheries sector has historically been supported by the government, contributing significantly to the nation’s economy,” remarked Douglas Devananda, Minister of Fisheries. “However, recent financial challenges have left the sector deprived of necessary resources, exacerbating hardships among inland fishing communities and rural populations. This project is a pivotal step towards revitalizing the sector and ensuring sustainable benefits for all stakeholders involved.”

The project aims to directly support approximately 3,000 inland fishers, 40 farmers engaged in mini hatchery operations, and 20 farmers specializing in fish feed preparation. Moreover, it is expected to have a positive ripple effect on indirect beneficiaries, including family members, consumers, producers of dry fish, and stakeholders in research and academia.

“Partnerships like these demonstrate the impact of collective action in driving sustainable development. At the United Nations, we are committed to fostering collaborations that empower communities and reinforce crucial sectors like inland fisheries. Through this project, we’re not just promoting food security and rural livelihoods; we’re also laying the groundwork for a resilient future for Sri Lanka’s rural communities,” said Marc-André Franche, UN Resident Coordinator for Sri Lanka.

“The significance of increasing inland fish production and ensuring the sustainability of the inland fisheries industry cannot be overstated,” stated Vimlendra Sharan, FAO Representative for Sri Lanka. “This project is not merely about enhancing food security; it’s about uplifting livelihoods and fortifying the resilience of rural communities, particularly inland fisherfolk. The development of self-sustained culture-based fisheries in selected reservoirs is not just necessary; it’s imperative for the betterment of these communities.”

FAO remains steadfast in its commitment to the successful implementation of this project, aiming to create lasting positive impacts on food security, livelihoods, and resilience in Sri Lanka’s rural communities. (Newswire)

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The Government of India has provided a grant of US$ 15 million to the Government of Sri Lanka to bolster the longstanding Buddhist connections between the two nations.

According to the President’s Media Division (PMD), in a significant event held in Colombo, the exchange of bilateral documents took centre stage, marking the initiation of projects supported by the grant from India. 

This grant is specifically allocated to bolster the longstanding Buddhist connections between India and Sri Lanka, underscoring the deep historical and cultural ties that bind these two nations together.

The signing of the bilateral agreements took place at the President’s House in Colombo yesterday (Nov 02). President Wickremesinghe and visiting Indian Finance Minister Nirmala Sitaraman engaged in lengthy bilateral discussions during this event.

Indian Prime Minister Narendra Modi’s announcement of this substantial grant underscores the significance of strengthening Buddhist linkages between the two countries. The grant could be allocated towards various initiatives, including the construction and renovation of Buddhist monasteries, capacity development, cultural exchange, archaeological cooperation, reciprocal exhibition of relics and other areas of mutual interest.

In recognition of the evolving economic landscape in Sri Lanka, both countries have agreed to recalibrate the grant amount from Sri Lankan Rupees to Indian Rupees, aligning it with the prevailing market conditions. This adjustment is being formalized through diplomatic Letters of Exchange and Acceptance, signifying a shared commitment to further enhancing these ties.

High Commissioner of India, Gopal Baglay and Secretary of the Ministry of Buddhasasana, Religious and Cultural Affairs, Somaratne Vidanapathirana, played pivotal roles in exchanging these documents, and this momentous occasion was witnessed by President Ranil Wickremesinghe and the Finance Minister of India Nirmala Sitaraman.

The first project to be initiated under the USD 15 million grant is the solar electrification of religious sites across Sri Lanka, with an allocation of USD 10 million. The Memorandum of Understanding (MOU) for this significant project was jointly finalized by the governments of India and Sri Lanka.

This event was graced by the presence of Minister of Foreign Affairs Ali Sabry, Minister of Buddhasasana, Religious and Cultural Affairs Vidura Wickramanayaka, Minister of Water Supply and Estate Infrastructure Development Jeewan Thondaman, Indian High Commissioner to Sri Lanka Gopal Bhaglay, Senior Advisor to the President on National Security and Chief of Staff to the President Sagala Ratnayaka, Secretary to the President Saman Ekanayake, Governor of the Central Bank Dr. Nandalal Weerasinghe, Dr. R.H.S. Samaratunga, Senior Economic Advisor to the President, Secretary to the Treasury and the Ministry of Finance K. M. Mahinda Siriwardana, Secretary to the Ministry of Buddhasasana, Religious and Cultural Affairs Somaratne Vidanapathirana, Members of the Indian High Commission, members of the visiting Indian delegation, Foreign Ministry officials and High-level Government officials. (NewsWire)

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Japan has decided to provide humanitarian grant assistance of USD 46 million to Sri Lanka, the Japanese Embassy in Colombo announced on Wednesday (22).

The Japanese Embassy stated that the grant assistance is being offered to provide fuel for all public hospitals, ambulances, and medical transport vehicles in Sri Lanka.

The Embassy further stated that Japan’s total grant assistance to Sri Lanka for the year 2022 amounts to USD 104 million, the highest grant in its history. (NewsWire)

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