Sri Lanka’s Central Bank has identified Pro Care companies as engaging in prohibited pyramid schemes. SriLankan Airlines has canceled flights to Heathrow due to a power outage. Additionally, a campaign promoting underutilized crops launched by UNDP, and the ADB is facilitating the issuance of thematic debt securities to strengthen sustainable financing.
The Central Bank of Sri Lanka has reported that Pro Care (Pvt) Ltd. and Shade of Procare (Pvt) Ltd. are operating prohibited pyramid schemes per the Banking Act. In addition, the Central Bank identified several other companies and applications as engaging in similarly prohibited practices, withholding the name of one due to a court order. The complete list includes Tiens Lanka Health Care (Pvt) Ltd., Best Life International (Pvt) Ltd., V M L International (Pvt) Ltd., and others.
Following an electrical fire at a nearby substation, SriLankan Airlines announced the cancellation of specific flights to London Heathrow Airport. Flights UL 503 from Colombo and UL 504 from London have been suspended. The airline expressed its regret over the inconvenience and urged affected passengers to contact their Customer Centre for assistance as operations will resume once Heathrow is reopened.
The UNDP in Sri Lanka, along with the World Food Programme and the Ministry of Environment, has initiated a six-week campaign to promote underutilized crops, funded by the Global Environment Facility. With a significant population density and a desire to preserve biodiversity, the campaign emphasizes these crops’ potential in creating sustainable food systems. UNDP highlighted Sri Lanka’s commitment to protecting its forest cover in conjunction with this initiative.
The Asian Development Bank (ADB) is facilitating the issuance of thematic debt securities in Sri Lanka, extending beyond already established green bonds. These thematic and sustainability-linked bonds aim to attract global investors by providing a solid framework for sustainable financing. Takeo Konishi from ADB elaborated on the importance of innovative financing and regulatory support to enhance Sri Lanka’s economic resilience and foster developments, including job creation and technological innovation. Additionally, ADB will support the regulatory frameworks for sustainability-linked bonds and green bond regulations, reinforcing transparency in sustainable finance practices.
In summary, the Central Bank of Sri Lanka has taken significant action against pyramid scheme operators while SriLankan Airlines adjusts its flight schedule due to unforeseen circumstances. Meanwhile, collaborative initiatives are promoting the sustainability of agriculture in conjunction with a concerted effort to bolster sustainable finance through thematic bonds, fostering economic growth and potential employment opportunities.
Original Source: economynext.com
