Sri Lanka and the World Bank Group formally launched a new five-year Country Partnership Framework (CPF) on April 2, combining over $2 billion in financing and investment to support the country’s economic recovery and long-term growth.
The package includes more than $1 billion in investment from the International Finance Corporation (IFC) and up to $1 billion in low-interest World Bank financing over three years.
Ambitious targets
The framework sets a target of 7% medium-term GDP growth and aims to double Sri Lanka’s annual export earnings to $36 billion by 2030. On the energy front, the partnership targets generating 70% of electricity from renewable sources by 2030, adding one gigawatt of new clean power capacity.
Key sectors covered include tourism, agriculture, trade modernisation, port infrastructure — particularly the Port of Colombo — and disaster resilience.
“The World Bank Group has been with us for more than seven decades,” President Anura Kumara Dissanayake said at the launch.
World Bank Vice President Johannes Zutt added: “By pairing public resources with private capital and innovation, we aim to help Sri Lanka create quality jobs.”
REVIVE project for North and East
A centrepiece of the framework is the $100 million REVIVE Project targeting the Northern and Eastern Provinces, with a focus on tourism and fisheries development in Jaffna, Pasikuda, Trincomalee, and Arugam Bay. The project aims to create 3,000 jobs and benefit approximately 260,000 people by 2031.
The partnership also addresses employment for nearly one million young Sri Lankans expected to enter the job market over the next decade.