Sri Lanka launches AgriConnect plan to modernize the agrifood sector

The Government of Sri Lanka launched the Sri Lanka AgriConnect Joint Implementation Plan in partnership with the World Bank Group and the International Fund for Agricultural Development (IFAD).

The initiative aims to modernize the nation's agrifood sector, create jobs, and improve food security by connecting rural producers to finance, technology, and markets. The plan targets 900,000 farmers to help them access agricultural value chains by 2030.

It focuses on key industries such as coconut, cinnamon, tea, fisheries, dairy, poultry, aquaculture, and horticulture. The project places a special emphasis on expanding opportunities in the Northern and Eastern Provinces of Sri Lanka. The project relies on $550 million from the World Bank Group and $115 million from IFAD. Partners also aim to mobilize up to $170 million in private capital over the next five years.

The International Finance Corporation (IFC) will support the plan by expanding access to finance and increasing competitiveness in the cinnamon and coconut industries. Implementation has already begun through the Integrated Rurban Development and Climate Resilience Project. The government intends to use the plan to shift the economy from producing raw commodities to creating higher value products for rural communities.