Heat olive oil in a large skillet over medium-high heat. Add the onion and saute until softened, about 4 minutes. Add the garlic and ginger. Cook until fragrant, about 30 seconds.
Stir in the curry powder, sugar, cinnamon, and salt. Cook until fragrant, about 30 seconds.
Stir in the tomato paste and chicken broth. Bring to a boil then reduce heat to medium-low and simmer for about 5 minutes, until the sauce reduces and thickens.
Stir in coconut milk and simmer for 5 minutes.