COLOMBO, April 3 (Xinhua) -- The World Bank Group and the Sri Lankan government on Thursday launched a new five-year country partnership framework to support the island nation's recovery, medium-term growth and job creation, according to a World Bank Group statement.
The framework aims to help Sri Lanka achieve its 7 percent medium-term economic growth target, with private sector-led job creation at the center of the partnership, the statement said.
The World Bank Group said it will mobilize more than 1 billion U.S. dollars in direct and mobilized investment over five years through the International Finance Corporation, while the World Bank will provide up to 1 billion dollars in low-interest financing over the next three years.
The partnership will focus on four main areas: improving Sri Lanka's business climate, expanding infrastructure, creating jobs in tourism and agriculture, and strengthening resilience to future shocks. It aims to simplify regulations, modernize trade procedures and digitize public services to attract investment and support the country's goal of doubling annual export earnings to 36 billion dollars by 2030.
The partnership will also back the expansion of the Port of Colombo, support renewable energy development, promote jobs in tourism and farming, and fund stronger early warning systems and resilient infrastructure. The World Bank has already approved the first project under the framework, a 100-million-dollar regional empowerment through vibrant, inclusive and viable economies program for the northern and eastern provinces. ■
