Jaffna on its way to stability

by Shirajiv SIRIMANE

The Northern capital of Jaffna is slowly but surely reaching stability with the business sector booming.

The government is putting the infrastructure in place while the private sector is now focusing in capturing the numerous business opportunities that have emerged after the end of the war.

In addition, the opening of the A9 highway for goods transport, additional domestic flights to Ratmalana and the proposed railway linking Colombo to Jaffna are some of the key points that have excited the business community.

Due to Jaffna population having their relatives and friends based overseas foreign remittance is very high and this has also spurred the banking sector to open branches in Jaffna.

John Keells Group has already announced plans to construct a four-star hotel while several mix development apartment complexes too are to be constructed.

A fish processing plant too is to be constructed along with several other SME projects which will not only generate new employment opportunities but also raise the per capita income.

Due to numerous requests after almost three decades, the Governor of the Central Bank, Ajith Nivard Cabraal also concluded a fruitful visit to the peninsula last week.

He predicted tremendous growth in Jaffna and identified agriculture, fisheries and education as key growth areas. "In addition education, fisheries too have tremendous potential in the area," he said.

"With the launch of the Uthuru Wasanthaya program the Central Bank has allocated Rs. 3 billion and over 1,000 loans have already been dispersed," he said.

Assistant Governor W. M. Karunaratne said that two private banks, Nations Trust Bank and Singhaputhra Bank have already applied to open branches in Jaffna while four other inquiries have been made. In addition, LOLC is also contemplating opening a branch mainly to cater to the leasing sector.

"The Central Bank, in a bid to encourage the banking sector to root in Jaffna, has decided to clear unwanted red tape and grant speedy approval within one week.

"We have also noted that saving in the Jaffna peninsula has increased and this is a very positive sign," he said.

The team from Colombo also attended a meeting with the business community and requested the banks to increase overdraft limits. "Another request was to differ their loans and we have in turn requested the banks to do so," he said.

He said that none of the business community requested their loans to be forfeited which clearly underlined the business confidence they have for the future.

BoC pioneers development

Bank of Ceylon has also taken a lead role and initiated mega programmes for the economic and social development in Jaffna where the development programmes were badly affected due to terrorist activities for nearly 30 years.

The Chairman of the Bank of Ceylon Dr. Gamini Wickramasinghe said that a sum of Rs. Ten thousand millions has been allocated for the development activities which are being implemented simultaneous to the 'Uthuru Wasanthaya' programme of the government. This amount exceeds the twofold of the sum allocated for all other districts.

The Chairman who paid several visits to Jaffna with the management and the relevant officers to prepare the initial setting for these activities has also had discussions with the government officers the business community, farmers and the officers in various fields.

Under this, the initial steps were taken for a number of development programmes including the opening of the Bank of Ceylon branch at Main Street in Jaffna, installation of ATM machines, meeting the business community, meeting the representatives of agricultural organisations and farmers and granting loans, water motors, tractors, bicycles, various agricultural equipment, handing 20 dairy farm cows.

Symbolically to the farmers in Jaffna with the coordination of the North Western provincial officer and providing Veterinary Surgeons' service and instructions freely.

The group of representatives met nearly 5,000 farmers in Achchuveli and raised their awareness. They also met the business community and provided solutions to problems regarding their business activities. A new safety deposit vault containing 600 lockers was also opened at the Super Grade branch of Bank of Ceylon with a view to protecting the valuables such as gold and documents belonging to the people of Jaffna, an ATM machine for the branch in Point Pedro was provided and the initiatives to establish branches covering all the main towns in Jaffna were also taken during this tour.

Deputy Governor, Mrs. Rani Jayamaha and Assistant Governor, W. M. Karunarathna also visited Jaffna peninsula. In addition Government Agent of Jaffna. K. Ganesh, a number of educationists including the Chancellor and the Vice Chancellor of the University of Jaffna, Deputy General Manager of Bank of Ceylon Sam Samarasinghe, Assistant General Manager (NWP) H. M. Mudiyanse, the Chief Manager of Development Banking Division K. D. Chandrasiri, the Senior Manager W. A. C. Thisera and a large number of other officers, also attended the event.

Commenting on these programmes at these meetings the government officers, the business community, farmers and the Ordinary people did not forget to pay their tribute to the Bank of Ceylon for its instant initiative for the economic and social uplift of the people in Jaffna, who suffered immensely.