IFC finances CBL Group's accelerated global expansion

TO strengthen a leading Sri Lankan manufacturer's global presence, the International Finance Corporation (IFC), a member of the World Bank Group, has committed $ 28.6 million, as part of a larger envelope of $40 million, to CBL Group.

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The IFC’s investment will enable CBL, one of Sri Lanka’s largest food manufacturing conglomerates, to extend its global footprint across Asia and Africa. The financing supported the acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a large-scale coconut processing facility in Indonesia, and will support the expansion of CBL’s existing biscuit manufacturing facility in Ghana.

CBL Group Managing Director Shea Wickramasingha said: "This partnership comes at a defining moment for both CBL and Sri Lanka. Global demand for coconut and coconut-based products is accelerating, and we see significant opportunities to position Sri Lanka as a leading exporter in this category. At the same time, our growth in West Africa, particularly Ghana, reflects the rising demand for our brands across new markets.