Sri Lanka has launched the “AgriConnect Joint Implementation Plan”, a new initiative aimed at transforming the country’s agri-food sector, improving agricultural productivity, creating employment opportunities and strengthening food security.
The initiative was officially launched by Prime Minister Dr. Harini Amarasuriya on 30 October 2026 in Colombo, through a partnership between the Government of Sri Lanka, the World Bank Group and the International Fund for Agricultural Development (IFAD).
World Bank Group and IFAD Commit US$665 Million
The AgriConnect Joint Implementation Plan is backed by significant financial commitments from its international development partners.
The World Bank Group will provide US$550 million in investments, while IFAD will contribute US$115 million. The initiative also aims to mobilize up to US$170 million in private capital over the next five years.
The programme brings together the Government, development partners, financial institutions, agribusinesses and farmers to improve access to finance, technology and markets.
Sri Lanka is the first country in South Asia to officially join the AgriConnect initiative.
Priority Areas for Agricultural Development
The initiative will focus on strengthening agricultural value chains with potential for value addition and exports. These include:
- Coconut
- Cinnamon
- Tea
- Fisheries
- Dairy
- Poultry
- Aquaculture
- Horticulture
The programme will also support agricultural finance, digital agriculture, agricultural technology (AgTech), cold chains, connectivity, climate-resilient irrigation, skills development and research.
These efforts are intended to strengthen the competitiveness of agricultural businesses, improve market access and expand economic opportunities for farmers and agribusinesses.
Agriculture’s Contribution to the Sri Lankan Economy
Agriculture and food processing account for at least 15% of Sri Lanka’s Gross Domestic Product (GDP), 30% of goods exports and one in three jobs.
Addressing the launch, Prime Minister Dr. Harini Amarasuriya highlighted the importance of modernizing agriculture through digitalization, technology and stronger partnerships between the public and private sectors.
She also emphasized that supporting farmers, strengthening food systems and expanding economic opportunities in rural communities are essential to improving economic resilience and achieving sustainable development.
The Prime Minister further highlighted the Government’s Public Investment Programme 2027–2031, under which approximately Rs. 17.5 trillion has been allocated for public investment, including around Rs. 8.3 trillion to support the transition towards a production-based economy.
These investments are expected to support agriculture, industry, tourism, innovation and digital transformation while strengthening infrastructure, improving productivity and attracting private investment.
Strengthening Agricultural Investment and Rural Economic Opportunities
The AgriConnect Joint Implementation Plan is aligned with the Government’s national development agenda and the World Bank Group’s Country Partnership Framework.
The initiative will strengthen coordination between the Government, development partners and the private sector to address policy barriers, overcome financing constraints and expand investment across the agrifood sector.
Implementation has already commenced through the Integrated Rurban Development and Climate Resilience Project (IRDCRP), financed by the International Development Association (IDA), which supports commercially viable businesses led by smallholder farmers in accessing finance and markets.
The International Finance Corporation (IFC), a member of the World Bank Group, is also supporting the competitiveness and export potential of Sri Lanka’s cinnamon and coconut industries while expanding access to finance for agribusinesses.
Through these initiatives, Sri Lanka aims to strengthen its agrifood sector, improve agricultural value chains, expand market access and create greater economic opportunities for farmers and rural communities.
Exploring Investment Opportunities in Sri Lanka
As Sri Lanka continues to develop its agri-food sector, new opportunities for investment and business development may emerge across agriculture and related industries.
DPR supports local and foreign investors in identifying investment opportunities, establishing business operations and navigating Sri Lanka’s investment environment.
For more information, visit DPR Investment Consultants or contact info@dpr.lk
