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.
“This is a moment of opportunity for Sri Lanka. With progress underway to stabilise the economy and restart growth, core elements for job creation are in place. Now is the time to accelerate reforms and create the conditions for private enterprise to thrive—particularly in sectors that can create jobs at scale,” said Banga, who was in the country for less than 24 hours before he took off to India.
One Comment