Award winning technology underscores informed, speedy, reliable credit decision making Strengthens CDB’s strategic focus of tech disruption

Underscoring its commitment to transforming credit decision making through AI, Citizens Development Business Finance PLC (CDB) won Silver at the National ICT Awards NBQSA 2024, for its AI-Powered Credit Decision Making. CDB’s unwavering focus on sustainability and technological disruptions have been recognized by the ICT industry as one that raises the bar in both innovation and excellence in the financial services industry. 

The AI-powered credit decision developed by CDB’s in-house team leverages CRIB data obtained directly through API integration to ensure real-time access to crucial credit information enhancing a decisive and precise end-result. A set of advanced AI algorithms which analyses vast sets of data to generate highly accurate credit assessments is the system’s backbone. This is further enhanced with an added layer of intelligence obtained from the AI-powered vehicle valuation module, which accurately evaluates collateral value for vehicle-based credit. These credit decisions therefore are based on a thorough understanding of asset worth, enabling CDB to make informed, speedy and reliable decisions.

“This AI-powered model forms a strong foundation for the future of credit assessment,” explains Director Business Operations Dave De Silva. “Given the intensely competitive nature of the financial services industry and with AI technology rapidly advancing, there is a need for greater accuracy, speed and efficiency in credit decision making if we are to stay ahead and give the customer a level of service that goes beyond expectation with fast and reliable credit assessments.”

This tech model showcases tangible advantages over the traditional manual approval processes with improvement in credit quality. “This model reduces default risk, frees resources and enables greater business capacity and volume,” says General Manager Credit Sudath Fernando. “While CDB maintains central monitoring, we have rolled the technology to branch level empowering our team to make accurate and informed evaluations. Human bias in credit decision making is reduced, while a consistent and objective approach across applications can be observed, while compliance with regulatory standards are ensured.”

As a part of CDB’s strategy, building on technological disruption on a common ground began when the Company embarked on its Robotic Process Automation (RPA) journey in 2019. RPA introduced data digitalisation using OCR and ICR, and also the use of BOTs and APIs, leading the way towards innovation and greater efficiency. The tech disruption is well exampled in CDB’s strategic focus on virtual operations, growing its business seamlessly while prioritizing flexibility, information accessibility and remote collaborations. Quantifiably, CDB has optimised processes, minimized operational costs and created a modern and resilient organizational model, set to lead the financial services revolution.

The much looked forward to monthly event in the Royal Colombo Golf Club (RCGC) calendar – the October Monthly Medal – teed off on the 4th and 5th of October showcasing great golfing excellence, on and off the green. Citizens Development Business Finance PLC (CDB) was the Title Sponsor for the October Monthly Medal which had over 260 golfers competing across various divisions.

Prowess on the green was amply seen as H M D Bandaranayake emerged as the Overall Winner (Ladies) and Manjula Chandrasoma, the Overall Winner (Men’s). Both were Gross Winners and Nett Winners – the former under the Ladies Senior Division and the latter under Division A. Bandaranayake had a score of 65 Nett while Chandrasoma scored 64 Nett. Winning the Junior Division was Kian Niyarepola with a score of 65 Nett. CDB presented the medals and gifts to the winners at the Gala Awards Ceremony held on the 5th of October.

With CDB’s commitment to sustainable mobility solutions, it has become imperative to partner entities that prompt informed decision making and would influence the practice and use of green transport solutions. CDB’s eShift, which accelerates sustainable mobility solutions in Sri Lanka is well aligned with the RCGC membership who are equally committed to ‘going green’. The CDB collaboration with the RCGC therefore is one that is not just a commitment to inducing the importance of green mobility for the country, but also one that will be a channel to create a collective of strong proponents of sustainable mobility solutions driving goals for a greener planet.

The October Monthly Medal in collaboration with CDB was teed off at the RCGC on the 4th and 5th of October

Manjula Chandrasoma, the Overall Winner (Men) accepts his trophy from the presentation party standing L to R - Captain of RCGC Amrith De Soysa, MD/CEO of CDB Mahesh Nanayakkara and Executive Director - Business Operations of RCGC Dave De Silva

Overall Winner (Ladies) H M D Bandaranayake won the October Monthly Medal at the RCGC. With her is the Captain of RCGC Amrith De Soysa, MD/CEO of CDB Mahesh Nanayakkara and Executive Director - Business Operations of RCGC Dave De Silva.

Marks 29th anniversary with 50th electric three-wheeler conversion reducing 161,796 kgs per year of carbon emissions

CDB positioned as the fourth largest NBFI in Sri Lanka

1,900 strong team propel people-driven solutions on strong pillars of sustainability and technology

It’s a financial trailblazer that has withstood tides, waves and storms with determination and courage, now positioned as the fourth largest Non-Banking Financial Institutions in the country. Since 1995, Citizens Development Business Finance PLC (CDB) has with great humility accepted numerous laurels for its pioneering leadership and innovative mindset built on the unwavering purpose of ‘Empowering Aspirations’ of Sri Lankans.

As CDB steps into its 29th year, it unfolds a history of a financial entity that is a beacon of innovation for the financial services industry, etching a legacy of being a socially conscious corporate steward which has continued to hold aloft the principles of moving forward within a formula that combines sustainability and technology for the greater good. And that greater good heralds another milestone in CDB’s commitment towards a greener future – the conversion of 50 electric three-wheelers, reducing 161,796 kgs per year of carbon emissions measured according to methodology developed in collaboration with IFC.

MD/CEO Mahesh Nanayakkara, recounts the many chapters written by CDB in the annals of the country’s financial history but reiterates that by embracing technological advancements and leveraging those to enhance services and streamline processes, CDB has created innovative solutions that evolve with stakeholder aspirations. “We are fortunate to have a winning team that has grown to over 1,900. It is they who have over these 29 years taken CDB to heights unmatched, delivering consistent and impressive quantitative and qualitative results that have made CDB a groundbreaker and trailblazer today – this is despite innumerable challenges which our team has always grasped as an opportunity to do bigger and better.”

CDB, which has been recognized with numerous accolades for its corporate stewardship works on a business model that embeds the key enabling pillars of technology and sustainability. This is the driver for CDB to reach its ambitious goals in becoming a fin-tech driven by sustainability, while being firmly aligned to our ESG goals including achieving NetZero status by 2030.”

With an unrelenting focus on strengthening its bottom line and top line consistently, CDB has, over the years, expanded its foreign funding portfolio diversifying funding sources and expanding capacity. One of these milestones was the USD 30 mn purpose-driven, long-term loan from the US Development Finance Corporation (DFC). Collaborations continue with international entities to improve and standardize CDB’s sustainability parameters.

CDB’s strategy for progress is a balanced and holistic approach that leverages technology through its digital-first business model complemented by a relentless drive to pursue solutions for sustainability challenges faced by introducing green mobility and renewable energy solutions.

“We have not opened a single brick and mortar outlet in the last seven years, while we have expanded our digital presence significantly”. “That combination of sustainability and technology are pillars that complement each other as it not only enhances resource efficiencies, but also extends our reach to those who are geographically and economically disadvantaged, facilitating financial inclusion and making CDB a net lender to the rural economy.”

This truly embodies the inclusive holistic ethos of CDB’s purpose, ‘Empowering Aspirations’.

Being a people driven organization which commends its excellence to its highly motivated and driven team, “We believe in ‘extraordinary results through ordinary people’, and that ‘strategy bets on people’. As we look ahead into our third decade, we intend to fast track progress towards targets and aspirations we have set, while also accelerating our journey into the future.”

SLITAD People Development Awards recognizes unparalleled commitment and sustained excellence in HR development

Reiterates leadership in nurturing and developing talent

CDB won gold consecutively in the last three years

Strengthening its unparalleled commitment and sustained excellence to building a team of dynamic motivated individuals, Citizens Development Business Finance PLC (CDB) was amply rewarded with one of the highest accolades in HR development at the recently held SLITAD People Development Awards. After receiving the Gold award for three consecutive years, CDB's dedication to excellence in people development was recognized with the prestigious Platinum Award.

Dedicated to shaping its strategic approach founded on its team’s growth and advancement, CDB has over its existence prioritized career development and long term professional enrichment in its team. The award underscores the team’s exceptional performance and the unrelenting dedication it has exampled over the years to developing and nurturing talent, making its team an integral facet to the Company’s sustained success. It also reiterates CDB’s continued contribution to HR development in the country.

“We have always maintained an unwavering commitment to integrating human resource development into our core business operations,” says Director Corporate Finance Roshan Abeygoonewardena. “Fostering a working environment where our team members thrive both individually and collectively, working towards goals that reflect both personal and Company aspirations, our strategy bets on people which has enabled us to gain extraordinary results through ordinary people. This award therefore is testament to the fact that we have built a winning team and one that has endured some of the biggest challenges in its history.”

Building an empowering workforce equipped with skills and tools to meet and overcome challenges in an evolving industry, CDB is well aligned with the Sri Lanka Institute of Training & Development’s unrelenting focus on fostering professionalism among the Training & Development community across Sri Lanka. Established in 1998, SLITAD has collated professionals across diverse sectors, functions and organisations to spur the development and advancement of professionals in the field of T&D.

With Team CDB joining the presentation party, Director Corporate Finance of CDB Roshan Abeygoonewardena holds the SLITAD Platinum Award trophy, while Chief Support Service Officer Nayanthi Kodagoda has the certificate presented to CDB for its resounding win at the recently held SLITAD Awards which recognises sustained excellence in people development.

CDB has won three gold awards for three years consecutively at the SLITAD Awards. With Team CDB looking on, Senior Manager Dulanga Gamage and Chief Support Service Officer Nayanthi Kodagoda accept the award and certificate at the presentation ceremony.

With the aim of improving digital literacy by enabling access to technology especially in rural schools in the country, CDB presented three Smart Computer Labs to schools in the Eastern Province. These were Mihindupura Vidyalaya in Trincomalee, Rethithenna Iqrah Vidyalaya in Batticoloa and Veppayadi Kalaimagal Vidyalayam in Ampara. These three labs now move towards the target of a total of twenty pledged for CDB’s Silver Jubilee.

The Smart Computer Lab project was initiated fourteen years ago and has in those years, seen a total of 6,000 students primarily from rural communities benefited from the project. However, recognizing the crucial need to build a ‘smart generation’ with greater speed, CDB fast tracked the commissioning of a total of twenty Smart Computer Labs in its 25th anniversary year.

The Smart Computer Lab initiative is the flagship project in CDB’s Socially Conscious’ pillar in its sustainability agenda. The initiative aims to have labs across the entire island, ensuring that students from every part of the country will be equipped with tech skills and knowledge.

“With digital literacy being an imperative for the country to exploit multiple global opportunities, it is the responsibility of corporate stewards like us to build a collective of tech savvy youth who will drive the nation into the next phase of development and opportunity,” says MD/CEO of CDB Mahesh Nanayakkara. “The CDB Smart Computer Lab project has been founded on our sustainability ethos of empowering aspirations, as tech is not just a tool for the future, but is a key driver.”

These Smart Computer Labs pave a path for young people to become digitally savvy and gain IT skills and knowledge that will give them confidence to venture forth into today’s digitally emerging world. Nanayakkara says, “It must reiterated that this initiative is not just about enhancing digital literacy among the youth of today. It is also about expanding mindsets, presenting survival tools and opening career opportunities with employable knowledge. This is what we want for the youth of this country.’

With this as the overarching feature, Nanayakkara adds therefore that a dearth existed in access to IT in rural communities. “Our focus is for every student to have access to

technology. These Smart Computer Labs ensure equality and accessibility to students even in the most difficult, rural demographic. Our aim is not just to improve access to technology and digital literacy, but to create a smarter and sustainable Sri Lanka, while moving our country towards meeting the UNSDG 4 which focuses on Quality Education.”

The project is a collaboration with the Ministry of education and based on a selection criteria that includes the school having ICT as a subject even with limited resources and the student body represents those from economically disadvantaged families. In addition, it should be located within a reasonable distance from accessing ICT facilities.

Having focused, maintained and continued to raise the bar in business excellence, Citizens Development Business Finance PLC (CDB) was rewarded with the highest laurel in the Non-Banking Financial Services Sector at the National Business Excellence Awards 2024. Organised by the National Chamber of Commerce of Sri Lanka, the awards aim to distinguish businesses that continue to raise the benchmark in business excellence.

Recognised for its sustainable tech-infused business model and best practices which evolved into creating an award winning entity that works on the foundation of People.Planet.Profit, CDB won the award for an unprecedented seventh time, which underscores its continued commitment to sustainability principles and values.

“Being recognized for seven years as the leader in business excellence in the NBFI sector also reiterates that we have been raising the bar continually,” says Deputy CEO Damith Tennakoon. “We have built a strong foundation with a solid performance over nearly three decades. We believe that sound and effective corporate practices are fundamental to the smooth, effective and transparent operation of a company and its ability to attract investment, protect the rights of shareholders and other stakeholders, and enhance shareholder value.”

Now in its 19th year, the prestigious NBEA Awards works through multiple and diverse categories and industries and has over the years had a significant number of entries vying for the awards. Led by industry captain Sunil G Wijesinha, the panel of judges evaluates businesses on seven criteria. These are excellence in Strategy & Leadership, Corporate Governance & Strategy, Capacity Building, Performance Management, Local and Global Market Reach, Corporate Social Responsibility & Environmental Sustainability, Business & Financial results.

“CDB’s fundamental premise has always been in driving financial inclusion across the entire demographics in the country. Into this formula, we add environmental sustainability to advance the green economy with a goal to becoming Net Zero by 2030.” explains Tennakoon “We will become a resource efficient organization with decarbonization integral to the mix. The singular focus we have forged and nurtured to attain our goals have been driven by a team of highly motivated committed persons for whom tech innovation remains an integral facet of our growth.”

He adds that CDB is fortunate that each of Its stakeholders have joined in its 29 year journey, highlighting the confidence and trust they have in the Company. “We remain strong in our vision of becoming the financial powerhouse, fostering entrepreneurial innovation and workmanship to build our country’s economy to make sustained gains in the living standards of our people.”

CDB has continued to be resilient through challenging times, a hallmark that is very much a part of this trailblazing entity’s persona, empowering the aspirations of its stakeholders which begins with its team and cascades to customers, shareholders, the community and the country.

Sri Lanka’s fourth largest NBFI, Citizens Development Business Finance PLC (CDB) reiterated its presence as a pioneering fin-tech with a triumphant win at the Digital Trust Awards 2024 as the Technology Resilient Company of the Year in the Financial Sector. The awards ceremony which was organized by Information Systems Audit and Control Association (ISACA) Sri Lanka evidences CDB’s proven quest to foster digital trust through a robust foundation in technology resilience. It recognizes CDB’s excellence in infrastructure, effective cybersecurity and comprehensive recovery initiatives that will safeguard and ensure continuity of operations in the event of disruption.

The award illustrates a commitment to innovation, adaptability and proactive risk management in navigating the evolving landscape of technology. With CDB being ISO 27001 certified for 6 consecutive years is a testament for this award. The award augments the Company’s excellence in technology resilience and its mission to transform the digital innovation landscape in the financial services industry in Sri Lanka and this win is a reason behind CDB optimizing in the areas of Governance & Risk Management, collaboration and innovation, empowering culture of inclusivity, investing in infrastructure and business continuity.

Celebrating the prestigious win, Chief Information Security Officer of CDB, Shavindra Fernando noted, “This Digital Trust Award exemplifies CDB’s excellence in technology resilience and in ensuring a secure and resilient technological environment. Given that our business is built on customer confidence, digital trust is a vital component in financial transactions as it demonstrates strong cybersecurity measures and underscores our compliance with governance, risk and privacy regulations.”

Over its 29-year journey, CDB has striven to transform the digital innovation landscape in the financial service industry in Sri Lanka. CDB’s Technological Disruption Strategy has two verticals – Deliberate which focuses on redefining conventional business lines through tech disruptions and Emergent which involves crowdsourcing based on its platform ecosystem. The Company continues to strengthen its focus on innovation, enhancing and integrating solutions on its digital platforms to ensure secure and seamless end-to-end customer experiences. While investing continually to accelerate the development of digital capabilities, aggressive automation frameworks has been the crucial tool to tech disruption, making space for CDB to form a strong tech-driven financial institution.

Fernando also mentions that CDB began its third decade with the business model and strategy driven by a strong digital transformation by embracing sustainability and tech disruption where the Company has developed a solid foundation on very strong technological advancements building tech solutions designed for a more resilient future.

From Left to right: Mr. Vinod Jayaweera (Manager – IT Infrastructure), Mr. Tharanga Udawaththa (Head of Network and Security) -CDB, Ms. Madhusha Silva ( Deputy Manager –IT Risk), Mr. Ashen Jaysekera (Vice President – ISACA Sri Lanka Chapter), Dr. Dharmasri Kumaratunge (Secretary) -Ministry of Technology and Chairman of the Telecommunications Regulatory Commission of Sri Lanka, Mr. Shavindra Fernando (Chief Information Security Officer) CDB, Mr. Subash Chandra Bowse ( Country Director Sri Lanka and Maldives -BPC Banking Technologies, Mr. Lakmal Embuldeniya – President ISACA Sri Lanka Chapter, Mr. Rizvi Kareem (Deputy General Manager- IT) CDB, Mr. Adharshaan Devraj (IT Governance) CDB

Citizens Development Business Finance PLC (CDB) and the Sri Lanka Association for Child Development (SLACD) have officially inaugurated the “Pragathi” Southern Provincial Autism and Neurodevelopmental Intervention Centre, marking a significant milestone in their joint project “Act Early for Autism”.

The state-of-the-art facility, located at the Karapitiya Teaching Hospital, embodies their commitment to providing comprehensive support and hope to children with autism spectrum disorder (ASD) and their families in the Southern Province of Sri Lanka, with a substantial investment exceeding Rs. 45 million.

The Pragathi Intervention Centre is designed to cater to a diverse range of needs for children with ASD. The Therapy Room offers a distraction-free environment where highly trained therapists provide personalised care. Meanwhile, the Observation Room allows professionals to discreetly monitor and assess a child’s progress. This room aids in the development of tailored intervention plans, ensuring that each child’s journey towards better health and development is closely tracked and optimised.

The Sensory Gym plays a pivotal role in sensory integration and motor skills development. It offers a dynamic space where children can engage in therapeutic activities that cater to their specific sensory needs. Through these activities, the sensory gym supports the children in enhancing their sensory and motor skills, contributing to their overall growth and development.

A Multi-Disciplinary Team (MDT) Room encourages collaboration among professionals from various fields. The facility also has a special education unit dedicated to offering specialised educational support that’s tailored to each child’s unique needs. This ensures that children receive an inclusive education that not only accommodates their challenges but also promotes their overall development and growth.

To further empower both the children and their parents, the centre is equipped with special toilet training facilities. Here, children are guided in learning the necessary procedures for appropriate bathroom etiquette. Parents are also provided with the knowledge and resources needed to support their child’s development in this crucial aspect of daily life.

The dedicated team at the Pragathi Centre comprises highly trained therapists with several years of experience, ensuring the delivery of the highest level of care and support for the children. The focus extends beyond the centre’s walls, with an emphasis on training mothers as an integral part of therapy. Recognizing the importance of continued therapy at home, the Pragathi Centre aims to empower parents in the care of their children.

Marking its 20th anniversary, CDB together with SLACD launched the “Act Early for Autism” project in 2015 with the focus of raising awareness about ASD, facilitating early detection, and ensuring timely intervention. Accordingly, the Autism Trust Fund was mooted as a result of this collaboration. All CDB’s efforts towards raising awareness through mass media campaigns, outreach programs and establishing intervention centres are facilitated via this trust fund.

As part of CDB’s previous initiatives in terms of intervention, an outdoor therapeutic play area was constructed at Ampara District General Hospital in 2018 and a state-of-the-art “Pragathi” children’s intervention centre was established at the Teaching Hospital in Anuradhapura in 2019.

“We believe that true success is not measured solely by financial gains but by the positive impact we create in our society. The ‘Pragathi’ Southern Provincial Autism and Neurodevelopmental Intervention Centre is more than just a project; it’s a testament to our unwavering commitment to the well-being of the children. For CDB, ‘Social Conscious’ is a key pillar of our Sustainability Agenda and promoting child health and well-being is considered as a main vertical under the same. This is a deeply emotional journey. We’re driven by the profound belief that every child, regardless of their challenges, deserves a chance to thrive,” said Mr. Mahesh Nanayakkara – MD/CEO of CDB.

Meanwhile, Prof. Hemamali Perera – President, SLACD added, “Today, we stand at the threshold of a transformation that will change countless lives. CDB’s dedication and substantial investment in the ‘Pragathi’ Southern Provincial Autism and Neurodevelopmental Intervention Centre are nothing short of a miracle for children with autism spectrum disorder and their families. The impact of this centre will reach far beyond its walls, extending deep into the hearts of the children and families it serves. It is a place where dreams are nurtured, where challenges are met with unwavering support, and where every child is given the chance to reach their full potential,”

The Pragathi Southern Provincial Autism and Neurodevelopmental Intervention Centre is more than just a facility; it symbolises progress, hope, and unwavering support for children with ASD and their families in the Southern Province. The centre is a beacon of hope, offering a comprehensive range of services and resources tailored to meet the unique needs of these children and their families.

To amplify the impact of this initiative, a series of outreach programs, specifically targeted at the Southern Province, will accompany the centre’s opening. Additionally, a mass media campaign will be launched to disseminate critical information and raise awareness throughout the broader community.

November 09th 2023, Colombo, Sri Lanka: During U.S. International Development Finance Corporation (DFC) CEO Scott Nathan’s trip to Colombo November 7-8, he announced $30 million in DFC financing to Citizens Development Business Finance PLC (CDB) to support women entrepreneurs, sustainable financing, and micro-, small and medium enterprises (MSMEs).

The reaffirmation of the commitment was signed in a ceremony at the U.S. Embassy by CEO Nathan on behalf of DFC and by Managing Director/CEO Mahesh Nanayakkara on behalf of CDB. U.S. Ambassador to Sri Lanka Julie Chung and USAID Mission Director for Sri Lanka Gabriel Grau were also present, highlighting the United States’ continued dedication to fostering economic growth and empowerment in Sri Lanka.

For the first time, CDB has received a funding facility of this significant value, reaffirming the organization’s robust commitment to corporate stewardship. Despite Sri Lanka’s economic challenges, this loan exemplifies the confidence placed in CDB by funding agencies and recognizes the company’s contributions to stability, governance, and sustainability. Emerging Markets Global Advisory LLP was the advisor and structuring agent for this transaction.

“DFC provides inclusive, sustainable financing for small businesses and women entrepreneurs. CDB is a great partner and, through our support, will enhance energy security and promote climate resiliency in Sri Lanka,” said DFC CEO Scott Nathan.

“The United States is dedicated to advancing Sri Lanka’s economic growth by supporting local entrepreneurs, a key driver for economic growth,” said U.S. Ambassador to Sri Lanka Julie Chung. “DFC’s new investment in Citizens Development Business Finance, in partnership with USAID, will directly benefit small and medium-sized businesses across the island, allowing Sri Lankan entrepreneurs access to capital that can help to transform their ideas into successful business growth and, in the long term, a more stable economy for the country.”

“CDB’s broad agenda for using these loan proceeds will help realize multiple UN sustainable development goals in Sri Lanka. But most importantly, the funding will empower women entrepreneurs and MSMEs, making sustainable economic growth a local reality that improves gender equality and helps build strong, resilient communities. USAID is proud to be a partner in CDB’s investment to strengthen the green economy and uplift women entrepreneurs in Sri Lanka,” said USAID Mission Director for Sri Lanka Gabriel Grau.

The loan, facilitated by USAID, will strengthen CDB’s support for urban funding and rural lending on a multiplicity of UN Sustainable Development Goals (SDGs). The project underscores the importance of women’s empowerment and gender equality and focuses on reducing hurdles for building sustainable communities through strengthening MSMEs, with a focus on “No Poverty” and “Zero Hunger” SDGs.

Noting CDB’s consistent recognition through awards from the Ceylon Chamber of Commerce for corporate stewardship and sustainability, Nanayakkara emphasized that DFC funding will prioritize women’s empowerment as a key focus area. “We continue to strengthen our overarching ethos of spurring women entrepreneurs because they play a prominent role in the global climate action conversation. By extending financial services including facilities for startups, expanding existing ventures, and reinvesting returns to drive further development of small businesses on a green platform, we continue to establish our presence not just as a responsible service provider in the financial services sector, but also as a responsible corporate citizen promoting financial inclusion across the country.”

CDB will also focus on green energy projects, including rooftop solar, electric and hybrid vehicles, and the conversion of vehicles into electric vehicles (EVs) in a bid to reduce the national carbon footprint. This focus demonstrates CDB’s commitment to the UN’s clean energy SDG and spotlights the need for best practices in energy management. CDB is fully committed to its sustainability agenda and aims to become a net zero company by 2030.

Nanayakkara added that while the terms and conditions are favorable especially given the current macroeconomic challenges, “The facility adds significant fillip to CDB’s financial strength and boosts the country’s eco system in attracting impact funding. Being a corporate leader, it is our responsibility to look at the macro picture and work towards ensuring our actions will benefit the country and its people overall.”

About DFC

The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About USAID

USAID is the U.S. Government’s development arm and is one of the world’s premier international development agencies. USAID has been working in Sri Lanka for more than six decades, promoting a healthy, educated, and employed population. The U.S. Government has provided more than 600 billion LKR ($2 billion) since 1956 as development and humanitarian assistance to Sri Lanka. To find out more about USAID’s work, please visit usaid.gov/sri-lanka and follow @USAIDSriLanka.

150 high achieving students who excelled in the Grade 5 Scholarship and GCE Ordinary Level examinations were felicitated at the 15th CDB Sisudiri Scholarship Awards Ceremony held at the BMICH in January. Under the aegis of Chief Guest Chairman of CDB Alastair Corera, this annual scholarship programme awarded LKR 12,500 per year for five years to 100 students excelling in the Grade 5 Scholarship examination which totals LKR 62,500 per student. Annually, LKR 17,500 per student was presented to high achievers in the GCE Ordinary Level examination for the duration of two years of their Advanced Level studies. This is a total of LKR 35,000 per student.

Each of these high achievers are from economically disadvantaged backgrounds and selected from across the 25 districts in Sri Lanka.

The scholarship programme initiated by CDB in 2008 has presented scholarships to over one thousand high achievers at an investment of over LKR 45 Mn. The programme not only focuses on celebrating excellent academics, but also ensures they remain in school to complete their full education. Quoting a National Youth Survey, UNICEF states that dropout rates increase once children pass the age of 14 with only 40.2 percent of adolescents continue at school until the ages of 17-18. Having recognized this, CDB began the scholarship programme with a long-term focus of nurturing the young brainpower the country has, using it to eventually contribute to the nation’s progress via a holistic and complete education.

While congratulating the 150 students who excelled this year, Managing Director/CEO of CDB Mahesh Nanayakkara explained to the scholars that investment in education is not merely about imparting knowledge; it’s about sculpting the future of our nation. “The Sisudiri Scholarship embodies our commitment to fostering holistic growth, recognizing that true progress stems from nurturing minds, instilling values and creating opportunities. As we empower our youth today, we are sowing the seeds for a prosperous, enlightened and resilient nation for generations to come.”

He added that with social consciousness being an integral facet in the CDB Sustainability Agenda in which financial inclusion and community impact is key, “uplifting child education and literacy are fundamental to us. It is our responsibility as corporate stewards to empower the aspirations of the younger generation, highlighting our commitment to the UN Sustainability Development Goal 4 – Quality Education.”

AGM Marketing & Sustainability Charitha Warnakulasooriya stated that CDB’s social consciousness is a holistic one, which embraces the totality of a child’s life to ensure that financial disadvantages should not be a barrier to a child gaining a quality education. “Education is every child’s right and CDB recognizes that. We know that COVID and the economic crisis placed heavy burdens on families who were challenged to continue educating their children. This is not a choice they should have to make. Continuation of education devoid of disruption due to financial constraints should be a priority and this is where CDB steps in. By supporting these high academic achievers who form the backbone of the future of Sri Lanka, we are paving the way for better child education and literacy in the country.”

In a collaboration aimed at boosting sustainable mobility solutions in the tourism industry in Sri Lanka, Citizens Development Business Finance PLC (CDB) and VEGA Innovations partnered Anantara Peace Haven Tangalle Resort to use e-Shift electric three wheelers in its daily operations. Seven electric three-wheelers were handed over to Anantara Peace Haven Tangalle in this initiative which aims to boost the country’s tourism industry while promoting a comprehensive ecosystem for EVs. The handover, conducted at the resort’s premises marks the first foray into a private sector partnership that inspires transformation from fossil fuel vehicles into EVs.

e-Shift which is a collaboration between CDB and its technology partner VEGA Innovations was founded and designed to accelerate sustainable mobility solutions, prompting a paradigm shift in the mindset of the transport industry. Sri Lanka’s transport industry is primarily dependent on fossil fuel and this foray of transforming 1.5 million three-wheelers which is one of Sri Lanka’s primary modes of transport into electric three-wheelers is an imperative at this time. Aligned with CDB’s Sustainability Agenda, the use of EVs in Sri Lanka will in the long-term reduce the impact on climate emergency and contribute towards the Company’s journey towards net zero.

Managing Director & CEO of CDB Mahesh Nanayakkara stated that this marks the first time both CDB and VEGA Innovations have embarked on partnering the corporate sector to move into sustainable mobility solutions. “In our journey of empowering a smart and sustainable Sri Lanka, this initiative by Anantara Peace Haven Tangalle has set a good example not just for the tourism industry but also for other industries to echo the move. As a responsible corporate steward committed to knowledge sharing, just as we have set the path towards sustainable mobility solutions, it is imperative that other corporate stewards set the lead in promoting alternative energy to move the country towards a green economy.

Having launched the collaborative e-Shift concept center in September last year with CDB, Chairman/CEO of VEGA Innovations Dr Harsha Subasinghe reiterated that the three-wheeler industry is being revolutionized, while electrifying the future – one vehicle at a time. “At the forefront of innovation, our commitment is more than just creating solutions—it’s about forging a path towards a greener, healthier planet. With our innovative electric vehicle solutions, we invite corporates in Sri Lanka to unite with us in this eco-friendly revolution. Together, let’s inspire sustainability, redefine transportation, and make a lasting impact for generations to come.”

Delighted to partner CDB and VEGA Innovations in its commitment to sustainability, General Manager of Anantara Peace Haven Tangalle Resort Roberto Simone says, “We believe in continuous innovation to drive sustainability and are proud to pioneer this innovative initiative in the hospitality industry of Sri Lanka with the rentals of these first ever e-Shift electric three-wheelers.

In an absolute win for responding to Autism Spectrum Disorder (ASD) which affects one in 93 children between the ages of 18 to 24 months in Sri Lanka, ‘Act Early for Autism’ which is a Citizens Development Business Finance PLC (CDB) project, gained a prestigious accolade as the Best Project Sustainability Award 2023. The award was presented at the Best Corporate Citizen Sustainability Award 2023 organized by the Ceylon Chamber of Commerce, which evaluates corporates on their contribution to People. Planet. Profit.

Having analysed a 2009 study which revealed alarming statistics on ASD in Sri Lanka, CDB initiated Act Early for Autism in collaboration the Sri Lanka Association for Child Development (SLACD) in 2015, which coincided with the company’s 20th anniversary. For over nine years since then, the project has worked on creating widespread awareness about ASD and ensuring social acceptance for children with this disorder. Believing strongly that early detection and intervention is vital to ensure inclusivity in children with ASD, the project has been instrumental in integrating children with ASD into the everyday lives of families and communities, minimising long-term impacts in their growing up and adult years.

The Award recognizes the significant inroads implemented by CDB to educate and inform the public about ASD, fostering a culture of understanding and acceptance in a country where children with mental and physical disabilities are surrounded by silence and non-acceptance and are rarely able to get the much-needed support needed to integrate into society.

From mass media campaigns to establishing intervention centers via the establishment of a Trust Fund, Act Early for Autism has reached communities around the island. Some of the most significant interventions have been the establishment of the outdoor therapeutic play area at the Ampara District Hospital, “Pragathi” – a state of the art intervention center at the Teaching Hospital in Anuradhapura and the “Pragathi” Southern Provincial Autism and Neurodevelopment Interventional Center at the Karapitiya Teaching Hospital.

In addition, outreach programmes were conducted in Pimbura, Ratnapura, Colombo, Anuradhapura, Jaffna and Karapitiya as the first point of contact with doctors, medical officers, public health midwives, other health care professionals, preschool teachers and the general public. To augment these efforts and take the message further, a comprehensive series of bilingual discussions with doctors was conducted on television and radio channels.

Act Early for Autism is an on-going project and continues to reach out and engage communities across the country through outreach programmes which it hopes to conduct in all 25 districts. The Company also remains committed to build awareness about ASD, while introducing globally recognized interventions via Intervention Centers CDB aims to establish in all nine provinces.

Based within a two pronged approach of Net Zero and Socially Conscious which are the twin pillars in CDB’s Sustainability Agenda, Act Early for Autism which is under the Socially Conscious pillar is specifically aligned with the UNSDG3 of ‘Good Health & Wellbeing’.

“Sustainability is at the heart of IFC’s mission in Sri Lanka. Our latest partnership with CDB allows us to leverage our expertise, including a deep understanding of the nation’s financial markets in Sri Lanka and a strong local presence. In alignment with government priorities, IFC is committed to advancing Sri Lanka’s climate agenda, fostering economic stability, and creating jobs and opportunities. We focus on an inclusive transition that prioritizes people, jobs, and long-term development. Given the nascent market for green finance in Sri Lanka, IFC aims to support financial institutions by building their capacity and helping them align their lending portfolios with changing climate scenarios,” said Fakhoury.