The World Bank Group has unveiled a \$1 billion support package over three years to help Sri Lanka boost job creation and unlock private sector growth.
The initiative targets high-potential sectors such as energy, agriculture, tourism, and regional development, aiming to attract private investment, strengthen local industries, and create economic opportunities across the country.
This announcement followed a meeting between President Anura Kumara Dissanayake and World Bank President Ajay Banga—the first visit by a World Bank chief to Sri Lanka in 20 years—signaling renewed international support for Sri Lanka’s economic recovery.
President Dissanayake welcomed the initiative, calling it “an investment in the people of Sri Lanka,” emphasizing its impact on small businesses, job creation, and community development.
Ajay Banga stressed the urgency of reform, stating that now is the time to create conditions for private enterprise to thrive and drive sustainable growth.
The World Bank estimates that while nearly one million young people will enter the workforce in the next decade, only 300,000 jobs are projected—highlighting a significant employment gap.
To address this, the support package includes:
- Energy (\$185 million): For solar and wind power projects to reduce electricity costs and attract \$800 million in private investment.
- Agriculture (\$100 million): To support over 380,000 farmers with new technologies and market access, leveraging \$17 million in private capital.
- Tourism (\$200 million): To expand the sector while preserving cultural and environmental assets.
- Regional Development (\$200 million): To stimulate growth and infrastructure in underserved areas like the Northern and Eastern Provinces.
This comprehensive strategy combines financing, expertise, and private sector tools, reinforcing the World Bank’s commitment to inclusive and resilient development in Sri Lanka.
