Sri Lanka to borrow US $ 150mn from WB to strengthen financial sector

Sri Lanka is poised to secure a US $ 150 million loan from the World Bank, to enhance the resilience of the country’s financial sector. 
This week, the Cabinet of Ministers granted approval to the president, who also serves as the finance minister, to initiate the necessary agreements with the development lender to facilitate the loan.
During the Cabinet meeting on April 24, 2023, approval was granted for the implementation of a project aimed at fortifying the safety net of the financial sector, funded by the World Bank. 
Following this approval, negotiations were conducted for a loan agreement, leading to the World Bank committing to providing a loan of US $ 150 million. 
The funds will be channelled for the capitalisation of the Sri Lanka Deposit Insurance Scheme, institutional capacity development of the Central Bank and supervision of the implementation of that project.