Sri Lanka’s Central Bank partners with IFC to develop country’s National Financial Inclusion Strategy
A member of the World Bank Group, IFC, has reportedly partnered with the Central Bank of Sri Lanka to develop the country’s first National Financial Inclusion Strategy (NFIS).
The strategy will promote a more effective and efficient process to improve financial inclusion across Sri Lanka, reports state.
Through the project IFC is expected to provide technical assistance to Central Bank to develop the NFIS, through an extensive development process involving consultations with members of the public & private sector, civil society organizations, and academia.
The process provides an important opportunity to introduce an evidence-based, prioritized, better resourced, and more comprehensive approach to expanding access to financial services.
“CB has identified Financial Inclusion at the national level to achieve sustainable development and create a conducive financial environment,” Governor of Sri Lanka’s Central Bank, Indrajit Coomaraswamy has said.
“It will provide guidance on the directions for the country to achieve an inclusive financial system where people have effective access to a range of affordable financial services.”
According to reports, the development of the strategy will be led by Central Bank with the support of the Ministry of National Policies and Economic Affairs, Finance Ministry, IFC and all financial sector stakeholders.
“Financial inclusion is a priority for the World Bank Group for achieving universal financial access by 2020,” IFC Country Manager, Amena Arif has said.
“This National Financial Inclusion Strategy will not only improve access to, and usage of, financial services, but will also contribute to overall inclusive growth in Sri Lanka.”
Sri Lanka’s latest development strategy will push the country towards joining over 30 countries that have launched similar strategies. IFC is already partnering with Sri Lanka over a wide range of projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. The setting up of a National Financial Inclusion Strategy would in turn create more investment opportunities in the country.
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