LOLC Finance signs up for a reforestation and ecosystem restoration project in Deniyaya

LOLC Finance Chief Operating Officer Montini Warnakula (second from right) and Mathurata Plantations Director and Chief Financial Officer of LOLC Holdings Sunjeevani Kotakadeniya and Mathurata Plantations Chairman/Non-Executive Director and LOLC Holdings Chief HR Officer Pradeep Uluwaduge exchange the agreement. LOLC Finance PLC Head of Finance Buddhika Weerathunga, Vibhawa Solutions Chief Executive Officer Heminda Jayaweera (second from left) and Chief Operating Officer Hasanka Padukka are also present 

Endowed with a diverse range of forest ecosystems, Sri Lanka is inheriting 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 ecosystem. The reports further identify that the catalysts of deforestation drives are mostly socio-economic in nature, and vary 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 Ltd., 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 a 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 recently at LOLC Holdings PLC, Head Office. The ceremonial event was conducted with the participation of the official signatories from each entity were LOLC Finance PLC Chief Operating Officer Montini Warnakula,  Mathurata Plantations Chairman/Non-Executive Director and LOLC Holdings PLC Chief HR Officer Pradeep Uluwadug, Mathurata Plantations Director and LOLC Holdings Chief Financial Officer Sunjeevani Kotakadeniya, LOLC Finance PLC Head of Finance Buddhika Weerathunga, Vibhawa Solutions Chief Executive Officer Heminda Jayaweera and Chief Operating Officer Hasanka Padukka.

LOLC Finance PLC Chief Operating Officer Montini Warnakula said: “At a time like this, private and community partnerships are essential to sustainably manage the threatened spaces and to preserve the ecosystem which is at stake. We at LOLC always understand 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. I commend Mathurata plantations and Vibhawa Solutions for joining hands with us to come forward significantly, contributing in our efforts towards environmental conservation.”