The World Bank (WB) is calling on the Sri Lankan government to improve its investment climate as funding from the organization prepares to hit an all-time high during the next four years, the organization said in a statement here on Thursday.

The WB said that its Board of Directors has discussed the Country Partnership Strategy (CPS) for 2012-2016 which would dramatically increase the resources available for Sri Lanka to achieve ambitious development goals as a middle income country.

The World Bank identified some challenges as constraints for the country to achieve its growth ambitions. One important area identified in the CPS is improving the investment climate and enhancing the efficiency of public spending.

This is seen as an area that needs urgent intervention if the country wants to achieve its investment targets.

"The road ahead in achieving the ambitious goals and growth targets set in the vision is not going to be easy. It will require important policy changes, modernization efforts and innovative strategies," WB Country Director for Sri Lanka Diarietou Gaye was quoted as saying.

These sentiments were also echoed by U.S. Ambassador Patricia Butenis who on Wednesday noted that inconsistent policies and lack of transparency are preventing foreign companies from investing in Sri Lanka.