Sri Lanka’s Central Bank labeled Pro Care and Shade of Procare as engaged in prohibited pyramid schemes, listing additional affected firms. SriLankan Airlines canceled flights to Heathrow due to an electrical fire, while a UNDP-led campaign advocated for underutilized crops’ importance. The Asian Development Bank is aiding Sri Lanka to launch thematic debt securities, enhancing sustainable finance opportunities.
Sri Lanka’s Central Bank has identified Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd as participants in prohibited pyramid schemes under the Banking Act. In addition, the Central Bank published a list of other companies and applications also found to be engaging in similar schemes. Notably, one company is withheld due to a court order. The list includes Tiens Lanka Health Care (Pvt) Ltd, Best Life International (Pvt) Ltd, Mark – Wo International (Pvt) Ltd, and several others like Qnet and Fruugo Oline App.
In transportation news, SriLankan Airlines has canceled flights to London’s Heathrow Airport after a fire at a local electrical substation resulted in the airport’s temporary closure. Flights UL 503 (from Colombo) and UL 504 (from London) scheduled for March 21, 2025, will not operate. The airline is coordinating arrangements for affected passengers while observing airport conditions closely.
A six-week initiative has been undertaken by the UNDP in Sri Lanka in partnership with the World Food Programme and the Ministry of Environment. This campaign focuses on promoting underutilized crops, vital for sustainable food systems and biodiversity. Sri Lanka uniquely protects 30% of its forest cover amid rapid population growth and increased demand for land resources, which presents challenges for biodiversity conservation.
The Asian Development Bank (ADB) is facilitating Sri Lanka’s advancement into thematic debt securities, moving beyond initial green bonds. These sustainability-linked bonds will attract global investors and bolster economic resilience. ADB will assist in establishing a robust regulatory framework for these instruments, ensuring transparency and investor confidence, which are crucial for social impact projects. The establishment of the green bond framework will further support government efforts to raise funds for sustainable initiatives.
Sri Lanka’s Central Bank is actively addressing prohibited pyramid schemes, canceling flights due to external disruptions, promoting biodiversity, and enhancing sustainable financing strategies. The identification of questionable financial companies underscores the need for consumer vigilance, while flight cancellations reflect the impact of infrastructure failures. Additionally, initiatives to promote underutilized crops and develop thematic bonds signal a commitment to sustainability and economic growth. Overall, these developments illustrate efforts to stabilize the economy and protect natural resources.
Original Source: economynext.com
