Friday May 09, 2025
Friday May 09, 2025
Friday, 9 May 2025 00:24 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers at their meeting on Wednesday approved moving forward with a $ 60 million investment package aimed at upgrading the country’s electricity transmission network.
The funding comes under a framework of full mutual trust established with the World Bank and the Asian Development Bank (ADB), and includes a risk guarantee facility from the International Development Institute.
The investment will support the implementation of 10 high-priority transmission development projects identified in the 2023–2032 long-term transmission plan developed by the Ceylon Electricity Board (CEB).
“These projects are designed to enhance grid stability, accommodate growing energy demand, and support the integration of renewable energy sources,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at weekly post-Cabinet meeting media briefing yesterday.
As per the agreement, the World Bank will contribute $ 40 million, while the ADB will provide $ 30 million. The package includes a $ 10 million guarantee facility offered by the International Development Institute to mitigate potential financial risks.
The proposal to this effect submitted by Power Minister Kumara Jayakody was approved by the Cabinet of Ministers.
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