Sri Lanka Financial Sector Modernization Project (WB-P159303)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 5, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Sri Lanka,
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Oct 24, 2017

Disclosed by Bank Oct 4, 2016


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Project Description
According to WB documents, the development objective of the Financial Sector Modernization Project for Srilanka is to contribute to increasing financial market efficiency and use of financial services among micro, small and medium enterprises (MSMEs) and individuals. The project comprises of three components: Component 1. Supporting selected mid-level reforms Component 2. Strengthening regulators’ institutional capacity, upgrading the legal and regulatory framework and modernizing financial market infrastructure aims to strengthen the institutional capacity of the financial sector regulators. Component 3. Project implementation and monitoring
Investment Description
  • World Bank (WB)
Contact Information
Team Leaders: Anoma Kulathunga, WB Tisarani Rathnija Arandara, WB Martin Melecky, WB No contact information provided at the time of disclosure. Borrower/Client/Recipient: Democratic Socialist Republic of Sri Lanka R.H.S. Samaratunga, Treasury Secretary Email Address: sf@mo.treasury.gov.lk Implementing Agencies: Insurance Board of Sri Lanka Damayanthi Fernando, Director General Email Address: dg@ibsl.gov.lk Securities and Exchange Commission of Sri Lanka Vajira Wijegunawardene, Director General Email Address: vajira@sec.gov.lk Central Bank of Sri Lanka Dr. Indrajit Coomaraswamy, Governor Email Address: governor@cbsl.lk ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.