Since 1956, IFC has invested over $1 billion in Sri Lanka, creating opportunities where it’s needed most. As of June 30, 2016, IFC’s committed portfolio is over:
By working closely with the private sector, the government, and the World Bank, IFC focuses on facilitating inclusive growth. The focus remains on priority sectors that enhance productivity, support continued prosperity and sustainable development. Areas of focus include financial and social inclusion including gender, health and education; logistics and infrastructure to facilitate movement of goods, people and capital; and the creation of more and better jobs
STORIES OF IMPACT
Supporting the Growth of Micro and Small Businesses: Micro, small, and medium enterprises play a critical role in Sri Lanka’s economic development. However, access to finance remains a key constraint to their development. Since 2009, IFC has worked with SANASA’s development bank and insurance company, helping to increase access to financial services to those that need it the most – micro and small entrepreneurs and farmers of the country. Through our advisory interventions alone, we have helped Sanasa provide over 300,000 loans to small businesses and insurance to over 40,000 small farmers.
Partnering the Private Sector for Growth: As the Sri Lankan mobile market grew, IFC provided Dialog Axiata with large-scale, long-term debt and equity financing to help the company expand and remain competitive. IFC’s investments supported the company’s overall expansion and quadruple play strategy and also reassured other lenders, helping Dialog mobilize additional financing.
Creating Jobs & Boosting Exports: Sri Lanka’s textile and apparel exports account for almost 7 percent of the country’s GDP and 43 percent of its total exports. It is the country’s second largest foreign exchange earner, and is Sri Lanka’s largest employer in the manufacturing sector with more than 300,000 mostly female workers. IFC’s loan to apparel manufacturer MAS Capital Ltd. and its subsidiaries will support the group’s expansion and innovation plans. It will help MAS expand its product portfolio and boost exports, while creating jobs.
Published in March 2016