Lolc Finance signup for a reforestation and eco system restoration project in Deniyaya

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.

With a sound understanding on the commitment required, 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 on the 12th of July 2022, at LOLC Holdings PLC, Head Office. The ceremonial event was conducted with the participation of the official signatories from each entity were, Montini Warnakula, Chief Operating Officer of LOLC Finance PLC, Pradeep Uluwaduge, Chairman/Non-Executive Director of Mathurata Plantations and Chief HR Officer of LOLC Holdings PLC , Sunjeevani Kotakadeniya, Director Mathurata Plantations and Chief Financial Officer of LOLC Holdings PLC, Buddhika Weerathunga, Head of Finance of LOLC Finance PLC, Heminda Jayaweera, Chief Executive Officer of Vibhawa Solutions and Hasanka Padukka, Chief Operating Officer of Vibhawa Solutions.

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