🌾 Sri Lanka Launches $835M AgriConnect Initiative to Transform Agrifood Sector

The Government of Sri Lanka has partnered with the World Bank Group and IFAD to launch the Sri Lanka AgriConnect Joint Implementation Plan—the first of its kind in South Asia. The initiative aims to modernize the agrifood sector, enhance food security, and connect 900,000 farmers to agricultural value chains by 2030. • Financial Breakdown: - World Bank Group: US$ 550 Mn - IFAD: US$ 115 Mn - Private Capital: Up to US$ 170 Mn to be mobilized over 5 years • Macro Economic Impact: - Agriculture & Food Processing: Accounts for at least 15% of GDP, 30% of goods exports, and 33.3% (1 in 3) of total employment. • Key Focus Sectors: - Focuses on high-value and export-oriented chains, including tea, coconut, cinnamon, fisheries, dairy, poultry, aquaculture, and horticulture. • Regional & Strategic Goals: - Target areas include lagging regions like the Northern and Eastern Provinces. - Priorities encompass agriculture finance, AgTech, cold chain infrastructure, climate-resilient irrigation, and risk-sharing facilities via IFC.