The Finance Ministry has announced that further bilateral discussions will be held soon regarding the US$1 billion financial facility pledged by the World Bank (WB) during the recent visit of WB Group President Ajay Banga to Sri Lanka. The announcement comes following President Banga’s meeting with President Anura Kumara Dissanayake in Colombo, where the World Bank expressed its readiness to extend the facility over a three-year period.
This financial support is intended to bolster Sri Lanka’s efforts towards rapid and sustainable economic recovery. Key goals include job creation for youth, private sector development, and growth across strategic sectors such as energy, agriculture, tourism, and rural development.
A senior official at the Finance Ministry said that the upcoming discussions will focus on finalising the structure and conditions of the facility. The official further emphasised that by channelling this funding into sectors with strong potential for employment and investment, the government aims to accelerate the pace of industrial and business development across the country.
The Ministry has also conveyed to the World Bank that unhindered access to development capital is critical for revitalising the private sector. The anticipated funding, therefore, will be directed towards providing this much-needed capital, supporting both start-ups and the expansion of existing businesses.
