Colombo, Sri Lanka, January 09, 2018
– IFC, a member of the World Bank Group, is partnering with the Central
Bank of Sri Lanka (CBSL) to develop the country’s first National Financial
Inclusion Strategy (NFIS) to
promote a more effective and efficient process to improve financial inclusion
across Sri Lanka.
IFC, over the course of the project,
will provide technical assistance to CBSL to develop the NFIS, via an extensive
development process involving consultations with members of the public
sector, private sector, civil society organizations, and academia. The
process provides an important opportunity to introduce an evidence-based,
prioritized, better resourced, and more comprehensive approach to expanding
access to financial services.
“CBSL has identified the need to develop
a strategy for Financial Inclusion at the national level to achieve sustainable
development and create a conducive financial environment to bring under-served
segments of society to the formal financial sector,” said Dr. Indrajit
Coomaraswamy, Governor, CBSL. “It will provide guidance on the directions
for the country to achieve an inclusive financial system where people have
effective access to a range of affordable financial services.”
The development of the strategy will
be led by CBSL with the support of the Ministry of National Policies and
Economic Affairs, Ministry of Finance & Mass Media, IFC and all financial
“Financial inclusion is a priority
for the World Bank Group for achieving universal financial access by 2020,”
said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “This
National Financial Inclusion Strategy will not only improve access to,
and usage of, financial services, but will also contribute to overall inclusive
growth in Sri Lanka.”
By embarking on the development of this
strategy, Sri Lanka is moving towards joining more than 30 countries that
have launched similar strategies.
Sri Lanka is a priority country for IFC.
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.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org