Minister of Finance and Mass Media, Mangala Samaraweera met the Director South Asia of the International Finance Corporation (IFC) of the World Bank, Mengistu Alemayehu in Washington on Wednesday.
Wide ranging discussions focussed on ways and means of enhancing mutual cooperation to promote private sector contribution for the economic development of Sri Lanka.
Minister Samaraweera commended the co-operation extended by the IFC towards promoting the private sector contribution for the development of the economy at a time where the government has accorded high priority to private sector involvement in the economy by way of Public-Private Partnerships. The Finance Minister who is due to present his maiden Budget next month, said that the budget aims at creating a robust, flourishing and modern economy and will focus on a start-up culture of ‘empowering the private sector’.
Following extensive deliberations with the Minister and his delegation, IFC Director, Alemayehu stated that the IFC will support infrastructure development, eco tourism and affordable housing in Sri Lanka.
IFC, the private sector arm of the World Bank Group, has its focus on the private sector, operating in over 100 developing countries and applies lessons learned in one region to solve problems in another. Sri Lanka joined the IFC at its inception in 1956 and has so far received over USD 1.3 billion.
IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance and healthcare.
IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.
The Sri Lankan delegation associated with the minister included Deputy Minister Dr. Harsha de Silva, Senior Adviser Mano Tittawella, Deputy Secretary to Treasury, S. R. Attygalle, Additional Director General, Ajith Abeysekara, and Director, External Resources Department, Hemantha Pubudusiri. Mengistu Alemayehu was accompanied by World Bank Country Director for Sri Lanka and the Maldives, Idah Pswarayi-Riddihough, and IFC Country Manager for Sri Lanka and the Maldives, Amena Arif.