“Reviving the ocean, rebuilding lives” – collaborative effort by LB Finance and NARA

Saturday, 1 March 2025 00:00 - - {{hitsCtrl.values.hits}}

Coral reefs, mangroves, lagoons, and estuaries are among the coastal environmental systems that are of immense ecological and economic value due to their rich biodiversity. Of all these, the coral reefs stand out as particularly unique. However, due to global environmental changes, pollution, human activities, and overfishing of certain fish species, these ecosystems have been devastated. As a result, this has caused environmental, economic, and social issues for the coastal communities that have relied on these resources for generations. The groups that are most affected are those engaged in the capture and sale of ornamental fish.

Considering these factors, LB Finance approached NARA to develop a sustainable project aimed at restoring marine biodiversity while enhancing the livelihoods of local communities and fostering long-term environmental stewardship.

Accordingly, the proposed project expects to enhance the biodiversity of the coastal area of Dondra Kaisawella by creating artificial habitats for colour fish breeding and cultivating coral reefs.

The designated area for colour fish breeding will be free from fishing activities, and fish caught outside this area can be exported. Additionally, by attracting foreign visitors for activities like snorkelling, the project aims to boost tourism in the area, creating a sustainable tourism industry that will improve the living standards of the local people.

This project is supported financially by LB Finance, while NARA will provide technical guidance for the implementation of the project. Further, management and conservation of this area will be undertaken with the support of the Department of Fisheries, using community-based management practices.

The memorandum of understanding for this initiative was signed on 30 January at the NARA premises by NARA Chairman Professor Sanath Hettiarachchi, and LB Finance Business Development Senior Manager Sameera Wanninayake. Special thanks go to LB Finance Deputy Managing Director Niroshan Udage.