Sri Lanka launches 665 mln USD agriculture modernization program-Xinhua - 新华网

COLOMBO, Oct. 31 (Xinhua) -- Sri Lanka on Friday launched the Sri Lanka AgriConnect program, backed by 665 million U.S. dollars from the World Bank Group and the International Fund for Agricultural Development (IFAD), to modernize the country's agriculture sector and strengthen its contribution to the national economy.

The integrated implementation plan aims to connect 900,000 farmers more closely with agricultural value chains by 2030 through digitalization and other modernization measures.

The World Bank Group will provide 550 million dollars in investment support, while IFAD will contribute 115 million dollars. The program also aims to attract up to 170 million dollars in additional private-sector investment over the next five years.

Officials said the initiative would focus on transforming Sri Lanka's agriculture and food sector into a more climate-resilient and market-oriented industry.

The agriculture and food sector accounts for about 15 percent of Sri Lanka's gross domestic product, 30 percent of merchandise exports and around one third of total employment, according to information released at the launch. ■