World Bank Eyes Jobs, Investment, and Growth in Sri Lanka

COLOMBO (News 1st); The World Bank’s Vice President for South Asia, Johannes Zutt, concluded his first official visit to Sri Lanka yesterday (15), reaffirming the Bank’s commitment to supporting the country’s economic recovery and development agenda.

During his two-day visit, Zutt met with President Anura Kumara Dissanayake, Central Bank Governor Dr. Nandalal Weerasinghe, Secretary to the Treasury Dr. Harshana Suriyapperuma, and other senior officials. 

The visit builds on World Bank Group (WBG) President Ajay Banga’s pledge in May to provide over USD 1 billion in financing to Sri Lanka over the next three years.

Since that pledge, the WBG and Sri Lanka have launched two major initiatives:

A renewable energy program targeting 1 GW of capacity with USD 150 million in private investment.
An agriculture project valued at USD 100 million.

Additional operations are planned in tourism, regional development (with a focus on the Northern and Eastern provinces), digital transformation, and ports and logistics over the next 12 months.

Zutt praised Sri Lanka’s progress in stabilizing its economy and emphasized the importance of continuing reforms that promote job creation, private investment, and modernization of key sectors. 

“The groundwork for recovery has been laid. Now is the time to focus on jobs, investment, and inclusive development,” he said.

With nearly one million young people expected to enter the workforce over the next decade, but only 300,000 new jobs projected, Zutt stressed the urgency of unlocking private sector growth to bridge the gap.

The World Bank Group will continue working closely with the government to mobilize private capital, strengthen competitiveness, and expand service delivery across the country.