IFC Commits $28.6 Million to Support CBL Group’s Expansion in Asia and Africa

CBL Group Managing Director Shea Wickramasingha said the partnership comes at a pivotal moment for both the company and Sri Lanka’s broader export sector.

The International Finance Corporation (IFC), a member of the World Bank Group, has committed $28.6 million as part of a broader $40 million financing package to Sri Lanka’s CBL Group, strengthening the food manufacturer’s global growth ambitions and supporting the country’s export-led economic recovery.

The investment will enable CBL — one of Sri Lanka’s largest food manufacturing conglomerates — to expand its footprint across Asia and Africa, building on rising global demand for coconut-based products and growing consumer markets in West Africa.

Strategic Acquisitions and Expansion in Key Markets

IFC’s financing supported CBL’s acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a large-scale coconut processing facility in Indonesia, while also backing the expansion of the Group’s biscuit manufacturing operations in Ghana.

These moves are expected to strengthen CBL’s supply chain, enhance production capacity, and position the company more competitively in fast-growing international markets.

Positioning Sri Lanka as a Global Coconut Export Hub

CBL Group Managing Director Shea Wickramasingha said the partnership comes at a pivotal moment for both the company and Sri Lanka’s broader export sector.

“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,” Wickramasingha said.

He noted that the company’s expansion in West Africa reflects rising demand for Sri Lankan brands in new consumer 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,” he added.

Export Growth Momentum, But Untapped Potential Remains

Sri Lanka’s export sector continued its upward trajectory in 2025, growing by 5.6 percent to reach $17.2 billion.

However, the World Bank Group estimates the country has an unrealized export potential of approximately $10 billion annually, which could generate more than 140,000 new jobs if unlocked.

World Bank Group Country Manager for Sri Lanka and Maldives, Gevorg Sargsyan, said supporting established domestic manufacturers is critical for long-term economic resilience.

“Sustained growth in Sri Lanka hinges on our ability to significantly increase exports and strengthen the private sector,” Sargsyan said.

“Supporting the global expansion of an established domestic manufacturer like CBL is a strategic move that creates jobs, generates crucial foreign exchange, and helps build a more resilient and competitive Sri Lankan economy.”

He added that the investment signals the World Bank Group’s commitment to promoting an export-led economy, particularly through support for agribusiness and food manufacturing.

Long-Standing Partnership Focused on SMEs and Women’s Inclusion

IFC’s relationship with CBL dates back to 2017, when it launched an advisory project aimed at strengthening small and medium enterprises within CBL’s distribution network.

Through the Senehasin Jayamagata (Route to Success) capacity-building programme — part of IFC’s Women in Work initiative in partnership with the Australian government — the project delivered:

• Financial planning and management training

• Business development support

• Increased women’s participation in distribution networks

• Promotion of digital payments

The programme reached around 360 distributors and 4,000 retailers across CBL’s network.

Continued Advisory Support in Ghana and Indonesia

IFC said it will continue providing advisory services to CBL’s operations in Ghana and Indonesia, with a focus on:

• Creating more jobs for women in distributor networks

• Increasing female participation in the workforce

• Strengthening inclusive growth outcomes across new markets

Boosting Sri Lanka’s Export Competitiveness

The investment is expected to support Sri Lanka’s broader economic priorities by helping a leading domestic manufacturer scale globally, diversify export earnings, and strengthen competitiveness in high-demand food and agribusiness sectors.