Foundation laid to build a country that can outshine the rest- CB Governor

Sri Lanka has gained global fame following the sovereign bond issue which was oversubscribed more than seven times, said Central Bank Governor Ajith Nivard Cabraal addressing a ceremony to felicitate the ‘League of American Communications Professionals 2010 Vision Awards’ on Tuesday.

Chairman, Diesel and Motor Engineering PLC, Ranjith Pandithage receives the award from Governor of the Central Bank, Ajith Nivard Cabraal. Pic: Sumanachandra Ariyawansa

He said that due to the success of the sovereign bond issue, Sri Lanka has gained global recognition as a country geared to achieve economic prosperity. The government launched a sovereign bond to raise a billion dollars from global capital markets. The bond was subscribed more than seven times enhancing investor confidence and placing the country on a solid footing for development.

“The foundation has been laid and now it is the onus of all stakeholders to pool their resources and work together to build a country that will outshine the rest”, the Governor said.

The Gold award winners were Commercial Bank, Kelani Valley Plantations, LOLC PLC and Hayleys PLC while Nations Trust Bank, People’s Bank, Seylan Bank and HelpAge won the Silver awards.

Platinum award winners were National Savings Bank, Diesel and Motor Engineering PLC and CIC PLC.

The Bronze award winners were LOLC Al-Falaah, Talawakelle Tea Estates, Haycarb, Dipped Products and Bank of Ceylon.

Smart Media, produced annual reports of which five of the company’s clients were ranked within the Global Top 100 while several others made the Top 50 from the Asia Pacific region.

Six Sri Lankan banks were among eight winners in the banks Asia Pacific category.

Chairman, Smart Media, Dr. Vijith Kannangara said that Sri Lankan companies had to compete among global giants such as the US Department of State, Bayer AG, Bertelsmann AG, Commerzbank AG, Thompson Reuters and Kellogg Company.

He said that an Annual Report should be brief, simple and clear and not an encyclopaedia. Most Annual Reports have failed to communicate due to lack of direction.

LF