The World Bank Group and the Government of Sri Lanka today (03) launched a new five-year Country Partnership Framework (CPF) aimed at supporting economic recovery, achieving a 7% medium-term growth target, and boosting job creation.
President Anura Kumara Dissanayake said the government is focused on steering the economy towards sustainable and inclusive growth, building on macroeconomic stability and governance reforms.
The partnership places strong emphasis on private sector-led job creation, as nearly one million young Sri Lankans are expected to enter the workforce over the next decade. Without accelerated growth, only around 300,000 formal jobs may be created, leaving a significant employment gap.
The World Bank Group plans to mobilize over $2 billion in support, including:
- More than $1 billion in investments through the International Finance Corporation (IFC) over five years
- Up to $1 billion in concessional financing from the World Bank over the next three years
The framework will focus on four key priority areas:
- Improving the business environment through regulatory reforms and digitalization
- Strengthening infrastructure, including port expansion and renewable energy development
- Boosting tourism and agriculture to create jobs across the island
- Enhancing resilience to future shocks through better disaster preparedness and infrastructure
As part of the initiative, the World Bank has approved the $100 million REVIVE Project, targeting economic development in the Northern and Eastern Provinces. The project is expected to create 3,000 jobs and benefit around 260,000 people by 2031.
The World Bank Group has maintained a partnership with Sri Lanka for over 70 years, currently supporting 13 active projects worth more than $1.5 billion across key sectors.