World Bank Announces $1 Billion Support for Sri Lanka's Growth

The World Bank Group has announced a $1 billion financing package over three years to support job creation and stimulate private sector growth in Sri Lanka, focusing on high-potential sectors such as energy, agriculture, tourism, and regional development. This initiative was unveiled during a meeting between Sri Lankan President Anura Kumara Dissanayake and World Bank President Ajay Banga, marking the first visit by a World Bank President to Sri Lanka in two decades. The package aims to expand economic opportunities, strengthen local industries, and attract private capital, with targeted investments in renewable energy projects, modernization of agriculture, and enhancement of tourism assets. The World Bank estimates a significant gap between the number of young people entering the workforce and projected job creation, and this initiative is intended to help close that gap. Both leaders emphasized the urgency of implementing reforms and leveraging this moment to build on Sri Lanka’s recent economic stabilization and growth. The support comes as Sri Lanka continues to recover from its 2022 economic crisis and seeks to foster sustainable, inclusive development.