IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
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Colombo, Sri Lanka, February 16, 2026 —To strengthen a leading Sri Lankan manufacturer's global presence, the International Finance Corporation (IFC), a member of the World Bank Group, committed $28.6 million, as part of a larger envelope of $40 million, to CBL Group.
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.
“This partnership comes at a defining moment for both CBL and Sri Lanka,” said Shea Wickramasingha, Group Managing Director, CBL Group. “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 percent increase to reach a total of $17.2 billion. Despite this progress, the World Bank Group highlights that Sri Lanka has an unrealized export potential of about $10 billion each year, which could generate more than 140,000 new jobs.
“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,” said Gevorg Sargsyan, Country Manager for the World Bank Group in Sri Lanka and Maldives. “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.”
IFC’s relationship with the CBL Group dates to 2017 with an advisory project focused on training business owners of small and medium enterprises 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 IFC and the Australian government – included training and business development opportunities for around 360 distributors and 4,000 retailers in CBL's network.
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.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org .
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