Concluding a two-day visit to Sri Lanka, Riccardo Puliti, the Vice President (VP) for Asia Pacific of the International Finance Corporation (IFC), reiterated IFC’s dedication to supporting the nation’s ongoing reforms and growth agenda.
Puliti emphasised the pivotal role of private sector-led development in fostering inclusive economic growth during his engagements with key stakeholders.
Puliti met President Ranil Wickremesinghe, Minister of Power and Energy Kanchana Wijesekera, and Governor of the Central Bank Dr. Nandalal Weerasinghe.
He also engaged with private sector representatives and development partners, highlighting the significance of collaborative efforts in driving sustainable progress.
“Sri Lanka has immense potential,” Puliti said. “As the country navigates through unprecedented economic challenges, it is imperative to sustain momentum and prioritise measures that facilitate the transition from stabilisation to sustainable growth.”
Puliti signed an agreement for a new equity investment in Sunshine Healthcare Lanka Limited, underscoring IFC’s confidence in Sri Lanka’s private sector and economic recovery. This investment aims to support the company’s growth plan, enhancing pharmaceutical manufacturing capacity and expanding retail operations.
Puliti announced an advisory engagement with the Commercial Bank to advance Green Finance initiatives, facilitated by funding from the European Union. Through this partnership, IFC plans to assist Commercial Bank in transitioning towards a Net Zero future and diversifying its Green Finance portfolio, contributing to Sri Lanka’s sustainable development goals.
IFC’s longstanding presence in Sri Lanka, spanning over five decades, is characterised by strategic focus areas including innovation for growth, sustainable infrastructure development, and social and financial inclusion.
Puliti reiterated IFC’s commitment to collaborating with the private sector and supporting government reforms to stimulate job creation, enhance competitiveness, and foster economic growth.
Since the onset of the pandemic, IFC has invested over US$ 800 million in Sri Lanka, providing long-term capital and trade financing to sustain businesses and preserve jobs.
Recent partnerships with institutions such as Citizens Development Business Finance (CDB) and Commercial Bank underscore IFC’s efforts to expand climate finance offerings and promote supply chain financing, further bolstering Sri Lanka’s economic resilience.
IFC, a member of the World Bank Group, is the largest global development institution dedicated to the private sector in emerging markets. With operations in over 100 countries, IFC utilises its capital, expertise, and influence to create markets and opportunities, committing a record US$ 43.7 billion to private companies and financial institutions in developing countries in 2023.
