COLOMBO, June 21 (Xinhua) -- The World Bank on Friday approved a new 150 million U.S dollar program to support Sri Lanka's move toward clean, reliable, and affordable energy.
A World Bank statement said the program titled Secure, Affordable, and Sustainable Energy for Sri Lanka will support the country in reducing its reliance on expensive fossil fuel imports and accelerate its shift toward solar and wind.
The program will help deliver clean, affordable electricity to families and businesses across Sri Lanka, said David Sislen, World Bank division director for the Maldives, Nepal and Sri Lanka.
The program also expects to mobilize more than 800 million dollars in private investment, helping lower electricity costs and improve reliability for families and businesses, the statement said.
The initiative also supports Sri Lanka's electricity grid upgrades, enabling it to better handle renewable energy and reduce power outages. This modernization will help stabilize electricity prices and improve energy access for households and businesses across the country, it said. ■
