Sri Lanka’s Finance Ministry on Wednesday signed an agreement to modernize and improve the efficiency of country’s financial sector which in turn will help small businesses and entrepreneurs compete in the markets and create better jobs.
The new Financial Sector Modernization Project (FSMP) is financed through a US$ 75 million loan from the International Development Association (IDA) of the World Bank.
The project was signed today by World Bank Country Director for Sri Lanka Idah Pswarayi-Riddihough, and Treasury Secretary R.H.S. Samarathunga. The loan for this project is provided by the IDA, the World Bank’s grant and low-interest arm, with a maturity of 25 years that includes a grace period of five years.
This five year project will be implemented via the financial sector regulators – Central Bank, the Securities and Exchange and Insurance Board of Sri Lanka.
“Efficient financial markets can boost the competitiveness of Sri Lankan firms and overall job creation,” said Pswarayi-Riddihough.
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