WB chief's visit unlocks US $ Ibn support package for Sri Lanka

FINANCING TO BE ROLLED OUT OVER THREE YEARS. » AIMS TO SUPPORT JOB CREATION AND UNLOCK PRIVATE SECTOR GROWTH IN SRI LANKA » TARGETS SECTORS WITH HIGH POTENTIAL FOR EMPLOYMENT AND INVESTMENT SUCH AS ENERGY, AGRICULTURE, TOURISM AND REGIONAL DEVELOPMENT

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Sri Lanka is set to gain renewed momentum going forward with the World Bank (WB) announcing it will back the island nation with a support package in excess of US $ 1 billion.

The agency will roll out the financing over three years, in a major initiative to support job creation and unlock private sector growth in Sri Lanka. The package targets sectors with high potential for employment and investment such as energy, agriculture, tourism and regional development and aims to expand economic opportunity, strengthen local industry and attract private capital to support long-term growth.

The announcement was made shortly after WB Group President Ajay Banga met with President Anura Kumara Dissanayake in Colombo yesterday.

Banga’s visit is the first by a WB President in two decades and signals a renewed commitment to the country’s economic recovery and future.