The Cabinet of Ministers has approved entering into a loan agreement to secure a $ 30 million loan from the International Finance Corporation (IFC) of the World Bank Group to finance the country’s Secure, Bearable and Sustainable Energy Project.
This financing, originally endorsed by Cabinet on 7 May, is aimed at supporting the Secure, Bearable and Sustainable Energy Project, designed to advance Sri Lanka’s energy security and clean power transition.
“Negotiations with the IFC are currently underway to finalise loan terms. Under the proposed structure, the funding will be channelled to the Ceylon Electricity Board (CEB) or one or more of its affiliated entities as a sub-loan to implement project components,” Cabinet Spokesman Minister Dr. Nalinda Jayatissa said at the post-Cabinet meeting media briefing on Tuesday.