The World Bank has reinforced its support for Sri Lanka’s economic recovery, poverty reduction, and sustainable development, pledging $200 million to finance three major projects over the next three months. These initiatives will focus on rural development, education, and renewable energy, furthering the nation’s efforts to build a resilient and inclusive economy.
World Bank Vice President for South Asia, Martin Raiser, concluded his two-day visit to Sri Lanka, during which he held discussions with President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya, and key stakeholders, including private investors and development partners. The meetings centered on Sri Lanka’s development priorities and strategies for long-term growth.
Expressing optimism about the country’s future, Raiser commended the government’s commitment to pivotal areas such as poverty alleviation, digital transformation, and the Clean Sri Lanka initiative. He highlighted the importance of fostering growth and job creation through private sector collaboration, saying, “The World Bank is committed to supporting Sri Lanka’s development agenda, particularly in the areas of poverty reduction, digital transformation, and sustainability. We look forward to financing projects that will have a direct impact on improving the livelihoods of the Sri Lankan people.”
Key Priorities for Development
During his visit, Raiser and Sri Lankan authorities discussed several strategic areas for medium-term collaboration, including:
- Enhancing the tourism sector to boost economic growth.
- Supporting the development of underperforming regions, particularly in the North.
- Promoting logistics as a key driver of economic activity.
- Strengthening public service delivery systems.
- Equipping the workforce with skills to meet the demands of a rapidly evolving labor market.
Raiser emphasized that maintaining macroeconomic stability, improving governance, and attracting private sector investment are crucial for achieving sustained growth. He noted that areas like the digital economy, tourism, logistics, agricultural value chains, and renewable energy hold immense potential for foreign direct investment.
A Roadmap for Collaboration
The World Bank’s ongoing partnership with Sri Lanka will be outlined in the updated Country Partnership Framework (CPF), which is set to be finalized within the next six months. This framework will build on the government’s priorities and provide a roadmap for addressing the nation’s development challenges.
Raiser concluded his visit by reiterating the World Bank’s readiness to work closely with Sri Lanka in its transition from recovery to sustained, inclusive economic growth. By integrating the resources and expertise of its public and private sector arms, the World Bank aims to support Sri Lanka in unlocking its full economic potential.
This renewed collaboration marks a significant step forward in Sri Lanka’s journey toward sustainable development and prosperity.
