The Government of Sri Lanka has obtained a US$ 30 million loan from the International Development Association (IDA) of the World Bank Group to finance the Secure, Affordable, and Sustainable Energy for Sri Lanka Project.
The Financing Agreement was signed by Dr. Harshana Suriyapperuma, Secretary to the Treasury, and David N. Sislen, Division Director for Maldives, Nepal, and Sri Lanka at the World Bank Group.
The project aims to enhance grid infrastructure, facilitating the integration of renewable energy and supporting the government’s goal of generating 70% of electricity from renewable sources by 2030. It will also include a payment guarantee facility from the World Bank to attract private sector investment in renewable energy.
The total project cost is approximately US$ 60 million, with US$ 30 million funded under the first phase by the World Bank and the remaining expected in the second phase. Key objectives include scaling up renewable energy adoption, strengthening the grid for secure and affordable power, mobilizing private sector participation, and enhancing institutional capacity for long-term energy sector reforms.
The project will be implemented by the Ceylon Electricity Board in coordination with relevant agencies, including the Ministry of Energy.
