World Bank Unveils Billion-Dollar Boost for Sri Lanka's Private Sector Growth

The World Bank made a significant announcement on Wednesday, approving a USD one billion package aimed at fostering private sector development and job creation in Sri Lanka over a three-year span.

The decision was publicized following discussions between World Bank President Ajay Banga and Sri Lankan President Anura Kumara Dissanayake. The initiative seeks to expand economic opportunities by reinforcing local industries and drawing private investment to fuel sustainable growth.

With the World Bank projecting nearly one million new entrants into Sri Lanka's workforce over the next decade, the initiative comes at a critical time as only about 300,000 jobs are expected to be created. Notably, the project hopes to mobilize over USD 800 million in private investment, bolstered by USD 40 million in guarantees. Talks between the two leaders also covered key areas such as digitalization, tourism, and infrastructure development for the North and Eastern provinces.

(With inputs from agencies.)