By: Staff Writer
February 23, Colombo (LNW): The World Bank plans to finance three key projects over the next three months totaling US $200 million. These projects will support rural development and education and will establish a facility to attract private investment in renewable energy.
Its support over the medium-term, including enhancing the tourism sector, the development of lagging regions—especially in the North promoting the logistics sector as a driver of growth; improving service delivery, and ensuring the workforce is equipped with the skills required by a rapidly evolving labor market.
“Sri Lanka’s growth prospects depend on the mobilization of additional private sector investment, including foreign direct investment. Ample opportunities exist in the digital economy, tourism, logistics, agricultural value chains, and renewable energy, but realizing this potential will require further improvements in the business climate.
The World Bank’s program in Sri Lanka for the coming years will be summarized in the upcoming mid-term review of the World Bank Group’s Country Partnership Framework (CPF) for Sri Lanka.
The updated CPF, scheduled to be finalized within the next six months, will build on the government’s key priorities and serve as a roadmap for continued collaboration between Sri Lanka and the World Bank Group.
The World Bank’s South Asia Regional Director, Prosperity Practice Group, Mr. Mathew Verghis has met with the Secretary to the Prime Minister, Mr. Pradeep Saputhanthri, at the Prime Minister’s Office.
Discussions focused on Sri Lanka’s current economic outlook, ongoing reforms, and potential areas for enhanced collaboration between the World Bank and the Government of Sri Lanka, according to the PM’s Media Division.
During the discussions, the World Bank delegation expressed appreciation for the progress made in Sri Lanka’s debt restructuring process and commended the government’s recent Budget Speech – 2025 as a positive step towards economic recovery.
They underscored the importance of effective policy implementation and highlighted the Prime Minister’s Office’s crucial role in ensuring seamless interagency coordination.
Mr. Saputhanthri provided an overview of the government’s key priorities, emphasizing that the proposed budget of 2025; focuses on economic stability, good governance, and sustainable development, the statement said.
He outlined the government’s commitment to promoting investment, facilitating trade, and driving digital transformation. He Further highlighted that addressing the socio-economic challenges faced by vulnerable populations and maintaining a firm stance against corruption are among the government’s top priorities.
The Secretary also emphasized the importance of strengthening logistics for Small and Medium-sized Enterprises (SMEs) and the agricultural sector, with particular attention to the development of health, education, and tourism sectors. The discussion also covered the government’s focus on legal reforms to support these initiatives, it added.
