World Bank grants cash-strapped Sri Lanka $1.0bn loan
The Peninsula
Colombo: Sri Lanka has been granted a billion dollar loan to boost its agriculture, tourism and energy sectors, the World Bank said on Wednesday, as t...
Colombo: Sri Lanka has been granted a billion-dollar loan to boost its agriculture, tourism and energy sectors, the World Bank said on Wednesday, as the country emerges from an unprecedented economic crisis.
Sri Lanka's economy collapsed in 2022 when it ran out of foreign exchange to finance even the most essential imports such as food, fuel, and medicines.
The loan aims to strengthen local industries and attract private capital for growth, the World Bank said in a statement after its President Ajay Banga met with Sri Lankan President Anura Kumara Dissanayake in Colombo.
"With progress underway to stabilise the economy and restart growth, core elements for job creation are in place," Banga said in the statement.
The loan will be spread over three years, it added.
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