The World Bank has reaffirmed its commitment to supporting Sri Lanka’s poverty reduction, digital development, and sustainability initiatives, announcing plans to finance three major projects worth USD 200 million over the next three months.
High-Level Discussions and Commitments
World Bank Vice President for South Asia, Martin Raiser, concluded a two-day visit to Sri Lanka, meeting with President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya, government officials, private investors, and development partners. The discussions centered on economic recovery, job creation, and long-term growth strategies for the nation.
Raiser expressed gratitude for the opportunity to engage with the new government and emphasized the World Bank’s alignment with Sri Lanka’s development priorities, including poverty alleviation and sustainable economic growth.
Key Projects and Focus Areas
The World Bank’s upcoming projects, totaling USD 200 million, will target:
- Rural development and education.
- Private investment in renewable energy.
Raiser also highlighted broader medium-term priorities for World Bank support, including:
- Enhancing the tourism sector.
- Developing lagging regions, particularly in the North.
- Promoting the logistics sector as a driver of growth.
- Improving service delivery and workforce skills to align with evolving labor market demands.
Path to Economic Stability
Raiser emphasized the need for macroeconomic stability, improved governance, and attracting private sector investment as essential steps to boost incomes and create jobs. He noted significant potential for investment in sectors such as:
- Digital economy.
- Tourism.
- Logistics and agricultural value chains.
- Renewable energy.
However, realizing this potential requires further improvements to the business climate, including the mobilization of foreign direct investment (FDI).
Country Partnership Framework (CPF) Review
The World Bank’s plans for Sri Lanka over the next several years will be outlined in the mid-term review of the Country Partnership Framework (CPF), set to be finalized within six months. The updated CPF will act as a roadmap for ongoing collaboration between Sri Lanka and the World Bank Group.
Looking Ahead
Raiser concluded by reiterating the World Bank’s commitment to helping Sri Lanka transition from economic recovery to sustained, inclusive growth. By integrating public and private sector initiatives, the World Bank aims to support Sri Lanka in realizing its development goals.
“We are committed to financing projects that directly improve the livelihoods of the Sri Lankan people and fostering an environment where private investment can thrive,” Raiser stated.
