Government spokesman Rajitha Senaratne said on Thursday that the new cabinet had agreed to pay 130 million rupees ($983,359) to the players if they lift the trophy.
The island nation won the World Cup in 1996 and finished runners-up at the last two editions.
Sri Lanka have been drawn in Pool A alongside the two co-hosts, England, Bangladesh, Afghanistan and Scotland.
They lost the finals in 2007 and 2011 to Australia and India respectively.
(Reporting by Shihar Aneez, editing by Tony Jimenez)
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