Information on the target
The target of this partnership is the Government of Sri Lanka, which has initiated a new five-year Country Partnership Framework (CPF) in collaboration with the World Bank Group. This framework aims to support Sri Lanka's economic recovery, targeting a medium-term economic growth rate of 7% while fostering job creation. The partnership is particularly focused on addressing the needs of the youth, as nearly one million young Sri Lankans are expected to enter the job market over the next decade.
President Anura Kumara Dissanayake emphasized the importance of this partnership, stating that it will build upon the macroeconomic stability and governance improvements achieved in recent years. The CPF is designed to ensure that the benefits of economic growth are inclusive and reach all segments of society, particularly those who have been marginalized.
Industry overview in the target’s specific country
Sri Lanka's economy has shown resilience in the face of challenges, with a strong focus on private sector-led growth as a key driver for job creation. The country is strategically located in South Asia, providing a unique advantage for trade and investment. The government aims to simplify business regulations and modernize trade processes, which will enhance the overall business environment and attract foreign investment.
The partnership framework outlines ambitious goals, including doubling annual export earnings to $36 billion by 2030. This will be supported by significant investments in infrastructure, particularly in the Port of Colombo, which is set to expand its capacity and maintain its status as a leading maritime hub in Asia. Additionally, the energy sector is poised for transformation, with plans to generate 70% of electricity from renewable sources by 2030, thereby reducing energy costs for households and businesses.
Tourism and agriculture are identified as two of Sri Lanka's most valuable assets, with substantial potential for job creation. The partnership will support the Tourism Strategic Plan 2026–2030 and facilitate connections between farmers and new technologies, markets, and financing. Special attention will be given to the Northern and Eastern Provinces, which, despite their rich natural and cultural resources, currently contribute less than 10% to the national economy.
Moreover, the partnership aims to enhance resilience against future shocks, particularly in light of recent natural disasters such as Cyclone Ditwah. Investment…