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IFC Signals Commitment to Supporting Sri Lanka’s Reforms and Growth Agenda

Concluding a two-day visit, Riccardo Puliti, IFC’s Vice President for Asia Pacific, affirmed IFC’s dedication to backing Sri Lanka’s ongoing reforms and growth agenda, while underlining the significance of private sector-led development for inclusive economic growth.

During the visit, Puliti engaged with key stakeholders, including President Ranil Wickremasinghe, Minister of Power and Energy Kanchana Wijesekera, Central Bank Governor Dr. Nandalal Weerasinghe, private sector representatives, and development partners.

“Sri Lanka has immense potential. As the country rebounds from the unprecedented economic crisis, it is vital to sustain momentum and continue implementing crucial measures to support the transition from economic stabilization to sustainable growth. By embracing necessary reforms, fostering a conducive business environment, and prioritizing sustainable, inclusive growth, Sri Lanka can unlock its full economic potential and create a bright future for its people,” stated Puliti.

Puliti also signed an agreement for a new equity investment in Sunshine Healthcare Lanka Limited to support the company’s growth plan, aiming to enhance pharmaceutical manufacturing capacity and expand retail footprint.

“From providing banks with a much-needed cross-currency swap facility a year ago, to now investing in equity, IFC is committed to supporting Sri Lanka as it transitions from stabilization to sustainable growth. This is a vote of confidence in the country’s private sector and economic recovery,” Puliti emphasized.

In Colombo, Puliti inked an advisory engagement with Commercial Bank of Ceylon (CBC) to scale up green finance, fostering a sustainable future for Sri Lanka’s financial sector, funded by the European Union. Through this partnership, IFC aims to assist CBC in its transition towards net-zero and diversify its green finance portfolio.

“IFC will continue to assist Sri Lanka in developing and scaling up green finance to support the country in its path to a net-zero future,” Puliti reiterated.

With over five decades of operations in Sri Lanka, IFC’s efforts in the country focus on supporting innovation for growth, growth-enabling sustainable infrastructure, and deepening social and financial inclusion.

“We continue to work with the private sector to create a robust investment pipeline, along with supporting the government on ongoing reform agendas. These moves are crucial in creating quality jobs, enhancing competitiveness, and bolstering growth,” Puliti affirmed. “IFC intends to deepen our investments in the country, recognizing the potential and opportunities that lie ahead.”

Since the onset of the pandemic, IFC has invested over $800 million in Sri Lanka, providing essential long-term capital and trade financing to sustain businesses and preserve jobs. Recent collaborations include partnering with Citizens Development Business Finance PLC (CDB) to expand its climate finance product offerings and collaborating with CBC to build a Supply Chain Financing (SCF) strategy.

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