In a ceremony held in Colombo on Friday, Sri Lanka announced the AgriConnect program, a $665 million agriculture modernization initiative backed by the World Bank Group and the International Fund for Agricultural Development, according to Xinhua.
The World Bank Group will provide $550 million of the investment, while IFAD will contribute $115 million, officials said. The program’s integrated implementation plan aims to connect 900,000 farmers more closely with agricultural value chains by 2030 through digitalization and other modernization measures.
Officials also noted that the scheme could attract up to $170 million in additional private‑sector investment over the next five years. They said the initiative seeks to transform Sri Lanka’s agriculture and food sector into a more climate‑resilient and market‑oriented industry.
The agriculture and food sector accounts for roughly 15 percent of Sri Lanka’s gross domestic product, 30 percent of its merchandise exports and around one third of total employment, according to information released at the launch.