Cabinet Approves $ 3 Mn World Bank Grant for Ports & Logistics 📈

The Cabinet of Ministers has greenlit an implementation agreement for a US$ 3 million grant provided by the International Bank for Reconstruction and Development (IBRD) to facilitate the Sri Lanka Ports and Logistics Development Project. • Key Development Details Purpose: Funding is specifically allocated for project preparation, including feasibility studies and technical designs to modernize logistics infrastructure. Implementing Entity: An agreement will be signed between the IBRD and the Sri Lanka Ports Authority (SLPA) to execute the preparatory activities. Governance: A dedicated Project Management Unit (PMU) will be established to oversee technical, environmental, procurement, and financial management. • Strategic Context This grant follows a preliminary agreement signed in October 2025 by the Ministry of Finance. The initiative aligns with national efforts to enhance the efficiency of the ports sector, a critical driver of trade and transshipment in the region. The project aims to optimize land use and improve operational standards to maintain competitive advantage in the Indian Ocean. _Note: This summary is based on the latest Cabinet briefing data (January 2026)._