NEW YORK (Reuters) - The World Bank said on Wednesday it has earmarked more than $1 billion to support job creation and private sector growth in Sri Lanka over three years.

"The initiative aims to expand economic opportunity, strengthen local industry, and attract private capital to support long-term growth," the bank said in a statement.

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The World Bank estimates a shortage of some 700,000 jobs in the island nation over the next decade with a million young people entering the workforce.