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Thursday, 05 October 2017 - 12:30
Sri Lanka gets World Bank loan to modernize country’s financial sector
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Sri Lanka will get World Bank funding of 75 million dollars for a new Financial Sector Modernization Project.

The relevant agreement was signed in Colombo yesterday (04) between Idah Pswarayi-Riddihough, World Bank Country Director for Sri Lanka, and Dr. R.H.S. Samarathunga, Secretary to the Treasury, Ministry of Finance and Media.

The new project aims to modernize and improve the efficiency of the country’s financial sector, which in turn will help small businesses and entrepreneurs compete in the markets and create better jobs.

Financial intermediaries and regulatory institutions stand to benefit from modernized regulatory frameworks and the state-of-the-art financial infrastructure that will ease access to affordable finance and spur an entrepreneurship culture in Sri Lanka.

The World Bank Country Director said, “A strong financial sector can help Sri Lanka sustain its developmental returns. Efficient financial markets can boost the competitiveness of Sri Lankan firms and overall job creation”.

The loan for this project is provided by the International Development Association, the World Bank’s grant and low-interest arm, with a maturity of 25 years that includes a grace period of five years.

This 5 year project will be implemented via the financial sector regulators - Central Bank of Sri Lanka, Securities and Exchange Commission of Sri Lanka, and Insurance Board of Sri Lanka.

Meanwhile, Anoma Kulathunga, World Bank Senior Financial Sector Specialist and Task Team Leader said, “A competitive, diversified, and well-regulated financial market is imperative for Sri Lanka to create better investment finance for micro, small and medium enterprises and thereby provide economic opportunities for the financially underserved”. 

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