Sri Lanka and the World Bank had identified several new areas of cooperation to further modernize the country. Hartwig Schafer, Vice President of the World Bank for South Asia met with President Gotabaya Rajapaksa on January 31st, 2020 at the Presidential Secretariat and highlighted renewable energy as one of the areas that have the potentials to boost the development of Sri Lanka. The Kandy Multimodal Terminal (KMTT) Project will be completed with the World Bank support.

The World Bank and President Rajapaksa, during his tenure as the Defence Secretary, had successfully collaborated on the road development and city beautification projects. President Rajapaksa also highlighted the importance of using modern technology in various activities related to the projects.

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