By:Staff Writer
February 19, Colombo (LNW): Sri Lanka’s push toward an export-led recovery has received a notable boost with the International Finance Corporation committing $28.6 million to CBL Group under a larger $40 million financing arrangement. The move reflects a calculated effort to strengthen private-sector resilience and unlock new foreign exchange streams amid ongoing economic reform.
CBL’s expansion strategy is two-pronged. First, it has acquired PT Tri Jaya Tangguh in Indonesia, securing access to a major coconut processing operation in a region central to global supply chains. Second, it is scaling up its biscuit manufacturing operations in Ghana, targeting West Africa’s rapidly expanding consumer base.
These investments align with broader national objectives. Sri Lanka’s exports grew 5.6% in 2025 to $17.2 billion, yet the World Bank Group identifies an additional $10 billion in unrealised annual export potential. Bridging this gap is critical to generating employment and stabilising foreign exchange reserves.
By supporting CBL’s outward expansion, IFC is not merely financing corporate growth but reinforcing Sri Lanka’s economic diversification. Food manufacturing particularly coconut-based products represents a value-added segment where Sri Lanka can compete globally. Control over processing assets in Indonesia enhances supply security, while the Ghana expansion strengthens downstream market access.
Gevorg Sargsyan highlighted that durable growth depends on private-sector competitiveness. Backing a homegrown conglomerate with proven international traction signals confidence in Sri Lanka’s manufacturing base and its ability to meet global standards.
Beyond capital, IFC’s involvement carries advisory support. Since 2017, it has worked with CBL to enhance SME capabilities within its distribution ecosystem. Through the Women in Work initiative supported by the Australian Government hundreds of distributors and thousands of retailers received training in financial planning, digital payments, and inclusive business practices.
Future advisory programs in Ghana and Indonesia aim to expand women’s participation in both the workforce and distribution networks, reinforcing social impact alongside commercial objectives.
For policymakers, the IFC-CBL partnership illustrates how targeted international financing can catalyse export growth, job creation, and technological upgrading. For Sri Lanka’s broader economy, it signals that globally competitive domestic firms remain central to the country’s long-term recovery and export ambitions.