Majority portion of loan taken for Colombo Lotus Tower settled
South Asia’s first revolving restaurant to open on Sunday
Majority portion of the loan taken to build the Colombo Lotus tower has now been settled and only USD 14 million is to be settled disclosed Chief Executive office Colombo Lotus Tower Management Major General (Rtd) Prasad Samarasinghe.
He said that when the project was first initiated in 2012 it was estimated to cost USD 104 million and when it was completed it was estimated to be around USD 113 million. Out of this a loan was offered for USD 88 million via the Exim Bank of China and the Telecom Regulatory Commission with government funded balance amount. He however said that the project was stalled due to various reasons and when they took it over on a long term lease it was in a very dilapidated state making colossal losses. “However in a few months we turned it around and today we are proud to say that we provide around Rs. 100 million rentals to TRC.”
He also said that since the opening of the lotus tower over 1.3 million Sri Lankans have visited the tower along with around 40,000 foreign guests. Today State Minister for Finance Shehan Semasinghe said that this is a typical example of a successful private partnerships venture which is an overwhelming success. “This is what this government wants to do in the future to convert abandoned and nonprofit making ventures and convert them to profitable ventures.”
State Minister for Investment Promotion Dilum Amunugama said that the making a historic occasion the Lotus Tower will launch South Asia’s tallest revolving resultant on December 17. Simultaneously a banquets hall too would be open. “He said that they made international tenders to woo investors but due to the economic situation none responded and out of the three local investors Citrus Leisure was given to manage this.
“They will own 0% of these two ventures while the Lotus Tower management which invested Rs. 200 million towards this will be the other partner.”
Executive Director CEO Citrus leisure L. Chandana Talwatte said that the revolving restaurants could accommodate 225 guests at a time and they hope to serve two serving lunches and dinners daily on a buffet style. “Our prices will be on par with five star hotel rates.”
Minister Semasinghe lashes out at Verité Research Survey
State Minister for Finance Shehan Semasinghe lashed out at a Verité Research Survey released on Wednesday under the subject of ‘EPF returns’ and said that there was no indication as to how the survey was conducted and the findings were tabulated.
The minister makes the point that the questionnaire that was given to them and the sample chosen for the pertinent poll should be taken into account in this situation. He said that though the survey said that people did not have many positive sentiments towards ‘Reducing EPF returns’ if this was not done the country would have gone to a far worse situation than the economic crises that was evident last year. The domestic debt restructuring safeguarded the 57.2 million bank accounts held by Sri Lankan customers, as well as the Employees’ Provident Fund and Pension Funds. The Verité research has not asked any comments on these aspects.
“I can recall that this the same Verité Research Survey did a survey before the ‘implementation of the IMF reforms’ and the survey results were based on interviews and done with only 1,200 people when there is a population of over 22 million.
There are rating agencies that have posted negative reviews/Perditions and surveys on Sri Lanka but do not have anything against them since we know that they were done with proper research and extracting data from credible sources.”
The Minister said that the though Verité Research calls them independent he does not think so and accused that there is political force behind it. “When this kind of ‘unprofessional’ research is put out they may also have a negative impact on investments too.”
The Minister conveyed confidence that the second installment of the extended loan that the IMF is offering Sri Lanka will be approved by the Executive Committee without delay. (SS)
Colombo, December 2023 – In a significant stride towards advancing e-mobility and clean energy initiatives, SLING Mobility, in collaboration with the United States Agency for International Development (USAID) Sri Lanka Energy Program, successfully launched the “360° Sustainable Mobility” battery swapping project. The official handover ceremony on November 28, 2023, at the Center for Women’s Research (CENWOR) in Colombo was attended by Love Yadav, General Partner of Lion Ventures in Sri Lanka and Chris Powers, Director, Office of Economic Growth, USAID.
This groundbreaking project will establish an operational framework for an electric vehicle (EV) ecosystem, with an emphasis on utilizing solar power as a main energy source. The pilot project introduces two solar-powered battery-swapping stations strategically located at CENWOR and Fusion Sarvodaya in Colombo. The stations have the capacity to recharge and store batteries, ensuring a seamless and sustainable electric two-wheeler refueling model.
SLING Mobility’s comprehensive approach covers all aspects of the EV ecosystem, from energy generation to consumption. The company’s business strategy, centered around providing cost-effective and efficient mobility solutions to the retail logistics sector through its smart electric vehicle ecosystem, has now become a tangible reality. The model addresses the critical need for efficient battery swapping, minimizing downtime for riders, particularly in the context of collaborative efforts with Uber for food delivery services. This not only results in cost and time savings but also facilitates a trial of the business model’s effectiveness.
The initiative introduces a battery subscription, which significantly enhances affordability by eliminating the initial high-cost barrier for riders. By focusing on the most substantial individual cost for e-bikes and batteries, the company aims to make electric vehicle adoption more accessible.
SLING Mobility and the USAID Sri Lanka Energy Program are committed to engaging with marginalized and economically disadvantaged populations, aiming to stimulate their interest in the retail logistics industry through the use of electric vehicles. The project organized and executed four outreach initiatives, reaching over 100 participants from diverse backgrounds. As a result, the team trained 16 drivers and supported 10 individuals to obtain licenses for the first time, showcasing the project’s commitment to fostering inclusivity and economic empowerment.
SLING Mobility’s collaboration with USAID marks a significant step towards a sustainable and green future for urban mobility in Sri Lanka. The “360° Sustainable Mobility” battery swapping project is not just a technological innovation but a testament to the transformative power of partnerships driving positive change.
The USAID Sri Lanka Energy Program is one component of the United States’ long-standing partnership with the Sri Lankan people to promote a healthy, educated, and employed population. The program supports transforming Sri Lanka’s power sector into a market-based, secure, reliable, and sustainable system by mobilizing investment to deploy advanced technologies, increase flexibility, and enhance competitiveness.
