SEPTEMBERASIA BUSINESS OUTLOOK8NEWSROOMSRI LANKA GREEN LIGHTS FREE TOURIST VISAS FOR 35 NATIONSASIAN INFRASTRUCTURE INVESTMENT BANK ISSUES ITS MAIDEN DIGITAL BONDSri Lanka's Cabinet has approved a new initiative to issue free tourist visas to visitors from 35 countries, including major markets such as China, India, and Russia. This six-month pilot program, which begins on October 1, will provide tourists with 30-day visas at no cost, aiming to boost tourism and aid in the country's economic recovery.Cabinet spokesman and Transport Minister Bandula Gunawardana highlighted the government's ambition to establish Sri Lanka as a "free visa country," similar to destinations like Singapore, Thailand, and Vietnam. The initiative targets a rapidly growing tourism sector as a key driver for economic revitalization.The 35 countries on the visa-free list include key tourist markets such as the United Kingdom, Germany, Australia, Saudi Arabia, Japan, France, and others.After being severely impacted by the COVID-19 pandemic and a subsequent economic crisis in 2022, Sri Lanka's tourism sector is rebounding, with nearly 2 million arrivals as of mid-August 2024. The country is on track to achieve 2.3 million arrivals by the end of the year, signaling a significant recovery in tourism. The Asian Infrastructure Investment Bank (AIIB) has issued its first digital bond, raising $300 million on Friday, August 23. This marks a significant milestone as it is the first dollar-denominated digital issuance for Euroclear and the first from an Asia-based issuer on the platform, utilizing distributed ledger technology. Digital bonds, issued on blockchain or distributed ledgers, represent an evolving form of debt instruments.Rated 'AAA' by Moody's, Standard & Poor's, and Fitch Ratings, this note was issued to support AIIB's sustainable bond program. Citigroup and BMO Capital Markets served as the bankers for the transaction. The bond is listed on the Luxembourg Stock Exchange, with options for clearing also available through the Hong Kong Monetary Authority's Central Moneymarkets Unit and the SIX Swiss Exchange.The AIIB is a multinational bank and global financial organization focused on enhancing economic and social results in Asia through collective efforts. It is the second biggest multi-lateral development institution in the world. Based in Beijing, China, the bank has a total of 109 members, which includes 13 potential members from various countries. The distribution of the 109 members across continents is as follows: 42 in Asia, 26 in Europe, 22 in Africa, 9 in Oceania, 8 in South America, and 2 in North America. The bank began functioning once the agreement came into effect on December 25, 2015, following ratifications from 10 member states with 50 percent of the initial subscriptions of the Authorized Capital Stock. SEPTEMBERASIA BUSINESS OUTLOOK8
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