Tuesday Feb 17, 2026
Tuesday Feb 17, 2026
Tuesday, 17 February 2026 03:26 - - {{hitsCtrl.values.hits}}
IFC and CBL teams at the signing
To strengthen a leading Sri Lankan manufacturer’s global presence, the International Finance Corporation (IFC), a member of the World Bank Group, has committed $ 28.6 million, as part of a larger envelope of $ 40 million, to CBL Group.
The IFC’s investment will enable CBL, one of Sri Lanka’s largest food manufacturing conglomerates, to extend its global footprint across Asia and Africa. The financing supported the acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a large-scale coconut processing facility in Indonesia, and will support the expansion of CBL’s existing biscuit manufacturing facility in Ghana.
CBL Group Managing Director Shea Wickramasingha said: “This partnership comes at a defining moment for both CBL and Sri Lanka. Global demand for coconut and coconut-based products is accelerating, and we see significant opportunities to position Sri Lanka as a leading exporter in this category. At the same time, our growth in West Africa, particularly Ghana, reflects the rising demand for our brands across new markets. These strategic expansions reinforce CBL’s global presence while contributing to much-needed foreign exchange earnings for Sri Lanka and strengthening the country’s export competitiveness.”
Sri Lanka’s export sector sustained its growth momentum in 2025, achieving a 5.6% increase to reach a total of $ 17.2 billion. Despite this progress, the World Bank Group highlighted that Sri Lanka has an unrealised export potential of about $ 10 billion each year, which could generate more than 140,000 new jobs.
World Bank Group Sri Lanka and Maldives Country Manager Gevorg Sargsyan said: “Sustained growth in Sri Lanka hinges on our ability to significantly increase exports and strengthen the private sector. Supporting the global expansion of an established domestic manufacturer like CBL is a strategic move that delivers on multiple fronts: it creates jobs, provides access to vital markets and knowledge, generates crucial foreign exchange, and helps build a more resilient and competitive Sri Lankan economy. This also sends a strong signal about our commitment to promoting an export-led economy—a commitment reinforced by the World Bank Group’s support for Sri Lanka’s agribusinesses.”
The IFC’s relationship with the CBL Group dates back to 2017 with an advisory project focused on training business owners of small and medium enterprises (SMEs) in the Group’s distribution network to develop financial planning and management skills, increase women’s participation, and promote digital payments. The Senehasin Jayamagata (Route to Success) capacity-building program – under the Women in Work program, a partnership between the IFC and the Australian Government – included training and business development opportunities for around 360 distributors and 4,000 retailers in CBL’s network.
The IFC will continue providing advisory support to CBL in Ghana and Indonesia, aiming to create more jobs for women within CBL’s distributor network and promote greater participation of women in the company’s workforce.
