IFC helps Sri Lanka meet development priorities

IFC, a member of the World Bank Group, is working with policymakers and private sector players to help meet Sri Lanka's ongoing development agenda through public-private partnerships.

A workshop held in Colombo recently is part of a series of IFC-led events in South Asia to identify and address concerns and challenges related to public-private partnerships among stakeholders.

The workshop is third in the series, following two held earlier this month in Bhutan and Nepal.

In Sri Lanka, IFC has partnered with the Ministry of Finance along with the World Bank and the World Bank Institute.

The event brought together specialists and expert speakers from around the world.

Officials of ministries and public sector departments of health, transportation, and municipal infrastructure and other multilateral partners attended it. "Sri Lanka is actively considering options to increase private participation in development. A sustainable public-private partnership model is an important part of our framework for economic growth and infrastructure development," said Sri Lanka's Senior Minister of International Monetary Cooperation Dr. Sarath Amunugama.

Improving quality of services in Sri Lanka, gaining efficiencies, and boosting economic growth through private participation in social and physical infrastructure were part of the discussions. "Long lasting public-private arrangements receive public ownership while generating interest among local private sector players and other development partners with shared goals," said Manager of IFC Advisory Services for Public-Private Partnerships in South Asia Vipul Bhagat.

The workshop highlighted benefits of public-private partnerships such as knowledge sharing, institution building, and building awareness on designing, structuring, and tendering sustainable public-private partnership projects.

The workshop also aimed to facilitate sharing of successful case studies and lessons of effective public-private partnerships from across the globe.

The Sri Lankan government is committed to facilitating the transition necessary to boost the country's economic growth and build on development fundamentals. Public-private partnership activity can make an important contribution to help address the country's immediate infrastructure needs and garner needed funding for the purpose.