The World Bank intends to invest $200 million in three major projects over the next three months, according to Martin Raiser, vice president for South Asia at the World Bank, who wrapped off a trip to Sri Lanka on Wednesday.
Martin Raiser stated that the World Bank is dedicated to assisting Sri Lanka’s development strategy, namely in the fields of sustainability, digital transformation, and poverty alleviation.
“We are eager to provide funding for initiatives that will directly enhance the standard of living for Sri Lankans.”
Raiser spoke with Prime Minister Harini Amarasuriya, President Anura Kumara Dissanayake, and other government representatives, business investors, and development partners on the nation’s continuous attempts to achieve long-term growth and economic recovery.
According to a statement, the visit’s main points of emphasis were the government’s dedication to digital growth and poverty alleviation.
With plans to invest $200 million in three major initiatives over the next three months, the World Bank confirmed its commitment in these areas.
“These projects will create a facility to attract private investment in renewable energy and will support education and rural development.”
Raiser and the Sri Lankan government also talked about the medium-term goals for World Bank assistance, which include developing the tourism industry, helping underdeveloped areas, particularly in the north, promoting the logistics industry as a growth engine, enhancing service delivery, and making sure the workforce has the skills needed in a labor market that is changing quickly.
In order to increase incomes and create jobs, he underlined the significance of preserving macroeconomic stability, enhancing governance, and luring private sector investment.
The mobilization of more private sector investment, including foreign direct investment, is essential to Sri Lanka’s growth prospects. The digital economy, tourism, logistics, agricultural value chains, and renewable energy all provide a wealth of prospects, but achieving these will necessitate more enhancements to the business environment, Raiser continued.
The forthcoming mid-term review of the World Bank Group’s Country Partnership Framework (CPF) for Sri Lanka will provide an overview of the World Bank’s program in the country for the ensuing years. The revised CPF, which is expected to be finalized within the next six months, will build on the government’s top priorities and act as a guide for future cooperation between the World Bank Group and Sri Lanka.
Raiser wrapped up his tour by “reiterating the World Bank’s readiness to offer comprehensive support for Sri Lanka by bringing together the public and private sector arms of the World Bank Group as the country transitions from recovery to sustained, inclusive economic growth.”