CBL taps US $ 40mn IFC package to boost global coconut, biscuit footprint

IFC and CBL teams at the signing

The International Finance Corporation (IFC), part of the World Bank Group, has committed US $ 28.6 million to Sri Lanka’s CBL Group, as part of a wider US $ 40 million financing package, to support the food manufacturer’s overseas expansion across Asia and Africa.

The investment will help fund CBL’s acquisition of PT Tri Jaya Tangguh Indonesia, a large-scale coconut processing facility in Indonesia, while also supporting the expansion of its biscuit manufacturing operations in Ghana.

“This partnership comes at a defining moment for both CBL and Sri Lanka,” said CBL Group Group Managing Director Shea Wickramasingha, noting the rising global demand for coconut-based products and growing appetite for CBL’s brands in new markets.

The World Bank Group said boosting private-sector-driven exports would be critical for Sri Lanka’s sustained growth, highlighting an unrealised export potential of around US $ 10 billion annually that could generate more than 140,000 jobs.

“Sustained growth in Sri Lanka hinges on our ability to significantly increase exports and strengthen the private sector,” said World Bank Group Country Manager for Sri Lanka and Maldives Gevorg Sargsyan.

The IFC has worked with CBL since 2017, including advisory programmes aimed at strengthening SME distributors, increasing women’s participation and promoting digital payments. The IFC said it would continue providing advisory support to CBL’s operations in Ghana and Indonesia, with a focus on creating more jobs for women and expanding workforce inclusion.