The Sri Lankan government is set to receive a loan of US$75 million from the World Bank in order to address “challenges in the financial sector”.
Sri Lanka’s Secretary to the Treasury, Ministry of Finance and Media met with World Bank Country Director for Sri Lanka and the Maldives Idah Pswarayi-Riddihough to sign the agreement from the World Bank’s International Development Association (IDA).
“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,” said Ms Pswarayi-Riddihough.
“To make all this happen, Sri Lankan authorities must continue effectively addressing challenges in the financial sector; such as gaps in financial sector infrastructure, weak legal frameworks, and in oversight functions of the regulators.”
The loan has a maturity of 25 years, with the project to be implemented via the financial sector regulators - Central Bank of Sri Lanka, (CBSL); Securities and Exchange Commission of Sri Lanka, (SEC); and Insurance Board of Sri Lanka, (IBSL).
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