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LOLC FINANCE SIGNS FOR REFORESTATION, ECO SYSTEM RESTORATION PROJECT IN DENIYAYA

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Buddhika Weerathunga, Head of Finance of LOLC Finance, Montini Warnakula, Chief Operating Officer of LOLC Finance, Sunjeevani Kotakadeniya, Director Mathurata Plantations and Chief Financial Officer of LOLC Holdings, Pradeep Uluwaduge, Chairman/Non-Executive Director of Mathurata Plantations and Chief HR Officer of LOLC Holdings, Heminda Jayaweera, Chief Executive Officer of Vibhawa Solutions and Hasanka Padukka, Chief Operating Officer of Vibhawa Solutions after signing the agreement  

Endowed with a diverse range of forest ecosystems, Sri Lanka is inherent of different topographic, climatic, bio diversities found around the country. However, the recent environmental reports signal a rapid increase of deforestation in Sri Lankan forests and a degradation of the entire eco system. The reports further identify that the catalysts of deforestation drives are mostly socio-economic in nature, and varies from land encroachment, development projects to expansion ventures.

LOLC Finance PLC (LOFC), the largest Non-Banking Financial Institution (NBFI) of the country, recently entered in to an agreement with Mathurata Plantations and Vibhawa Solutions Private Limited, to concentrate on replanting the endangered and endogenous species in degraded natural forests and private lands to support the reforestation efforts to enrich the natural order.

The core target of this project is to plant 20,000 trees ranging from 12,000 fruit plantations, medicinal herb plantations to few other selected native plants. The venture will be entirely funded by LOLC Finance, while Mathurata Plantations will be offering fifty acres of private land area for plantations, whereas the planting undertaking will be handled by ‘Thuru’, under Vibhawa Solutions.

The project predominantly launched in the Deniyaya eco system, covers a fifty-acre land area belonging to Mathurata plantations, while five acres of land from Miyawaki forest and Butterfly gardens are also sheltered. In addition to the restoration scheme, a biodiversity study and a carbon setting mapping is also fused to the same project with the intention of further elevating the expression of the complete project outcomes.

The entire assignment will go on for a period of continuous 18 months with the treble partnership.

The official agreement signing ceremony between LOFC, Mathurata and Vibhawa Solutions was held at LOLC Holdings PLC, Head Office.

Montini Warnakula, Chief Operating Officer of LOLC Finance PLC stated “At a time like this, private and community partnerships are essential to sustainably manage the threatened spaces and to preserve the eco-system which is at stake. We at LOLC always understands the urgency to take action to preserve some of our most precious natural resources, to plant more trees, to avert global warming and other future natural catastrophes. Contributing further to the LOLC Green initiatives, we have managed to take a serious stance on reforestation this time.”

 

 

Thursday, July 21, 2022 – 01:00











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