Sri Lanka’s Central Bank launches Roadmap for Sustainable Finance in Sri Lanka
The Central Bank of Sri Lanka (CBSL) has reportedly launched a Roadmap for Sustainable Finance in Sri Lanka at the Sustainable Banking Network Global Meeting of the International Finance Corporation (IFC) in Washington D.C, USA.
According to reports, this Roadmap provides a broad direction to financial regulators and financial institutions to effectively manage environmental, social and governance (ESG) risks associated with projects they finance and help increase assistance to businesses that are greener, climate-friendly and socially inclusive.
By providing policy guidelines and recommendations for responding to ESG risks and sustainable finance opportunities, the Roadmap attempts to scale up the contribution of the financial sector – including banking and finance, capital markets, and insurance industry – and help building a more resilient, sustainable green economy, news reports on the launch of the roadmap has stated.
IFC, a part of the World Bank Group, served as the secretariat and technical advisor and United Nations Development Program provided financial support through its Biodiversity Finance Initiative to the Central Bank in designing the Sustainable Finance Roadmap, the local media has stated.
The Roadmap had been developed in consultation with stakeholders including Sri Lanka Bankers’ Association (Guarantee) Ltd., Finance Houses Association of Sri Lanka, Insurance Regulatory Commission of Sri Lanka and Securities and Exchange Commission of Sri Lanka.
The Roadmap has noted a series of strategic activities to implement sustainable finance in Sri Lanka, while detailing an action plan to be implemented over short, medium and long term by respective stakeholders.
The Road Map can be downloaded from the following link: https://www.cbsl.gov.lk/roadmap-for-sustainable-finance-in-sri-lanka-2019.
OSL take:
A look at the Roadmap released by the Central Bank of Sri Lanka provides a clear image of Sri Lanka and the future plan for the country. Foreign businesses/investors looking at investing in Sri Lanka could look at the CBSL Roadmap and explore opportunities in the country.
| Article Code : | VBS/AT/16042019/Z_2 |