INSUBCONTINENT EXCLUSIVE:
The World Bank Group authorized a brand-new $150 million program to support Sri Lankas move toward clean, reliable, and inexpensive
energy.The programSecure, Affordable, and Sustainable Energy for Sri Lankawill support the country reduce its reliance on costly
nonrenewable fuel source imports and accelerate its shift toward solar and wind, the World Bank Group said in a statement.This program will
help deliver clean, cost effective electrical power to households and services throughout Sri Lanka, said David Sislen, World Bank Division
Director for the Maldives, Nepal and Sri Lanka
We are delighted to work with both the government and economic sector to make this shared vision a reality.The program will support new
solar and wind energy tasks that will add 1 gigawatt of tidy electricity to the grid bringing Sri Lanka closer to its objective of creating
70 percent of its electricity from sustainable sources by 2030
The program is also expected to activate more than $800 million in personal investment, helping to lower electrical energy expenses and
improve dependability for households and businesses.A core function of the initiative includes $40 million in World Bank Group warranties in
This will help in reducing dangers for personal financiers and energy producers
It is targeted to derisk payment responsibilities from Ceylon Electricity Board (CEB), thus enhancing financiers confidence and attract
funding on more beneficial terms.The World Bank Groups private sector arms - the International Finance Corporation (IFC) and the
Multilateral Investment Guarantee Agency (MIGA) will provide complementary support through direct investments and political danger
insurance, the declaration stated.Sri Lankas energy transition is an opportunity to broaden clean energy, enhance energy gain access to, and
construct long-term durability, stated Imad N Fakhoury, IFCs Regional Director for South Asia
Attaining this requires close partnership and financial investment from both public and economic sectors
As one World Bank Group, we are distinctively placed to enable and activate private capital and foster partnerships that provide cost
effective, trusted electrical power while driving sustainable development and creating tasks that enhance Sri Lankas economy and expand
opportunities for its people.MIGA will support the program by providing political threat insurance to help in reducing unpredictability for
international investors.Investors need confidence to take vibrant steps in brand-new markets, said Muhamet Fall, Director of Operation with
Our warranties will assist de-risk tasks and attract the personal capital required to scale up clean energy in Sri Lanka.The program also
supports the upgrades to Sri Lankas electricity grid, allowing it to much better deal with renewable energy and minimize power interruptions
This modernization will assist support electricity prices and enhance energy gain access to for homes and businesses across the nation, it
added.In addition, the initiative will supply technical support to the CEB to strengthen preparation, procurement, and operations, and
supports government-led reforms to improve competitiveness, utility management, and regulative oversight.By using the complete breadth of
the World Bank Groups tools - funding, understanding, and economic sector partnerships - the World Bank Group is helping Sri Lanka broaden
energy gain access to, attract private investment, and lay the foundation to power Sri Lankas long-lasting financial growth.
