ADB Approves $30 Mn Financing Facility for Sri Lanka

COLOMBO (News 1st) - The Asian Development Bank has approved a $30 million Small Expenditure Financing Facility (SEFF) for the Ceylon Electricity Board, guaranteed by Sri Lanka, to bolster the sustainability of ongoing and future energy sector projects in the country.

This is Sri Lanka's first SEFF, designed to support the operational sustainability of ADB-financed energy projects, promote initiatives to increase the share of renewable energy, and encourage private sector participation in the renewable energy sector.

According to the ADB, the SEFF will play a crucial role in supporting Sri Lanka's target to achieve 70% of its electricity generation from renewable energy sources by 2030, as part of its broader energy transition strategy.

Of the total $30 million facility, $15 million will be allocated to enhance the operational sustainability of the Moragolla Hydropower Plant, while the remaining $15 million will support activities aimed at facilitating renewable energy generation and grid integration. The Asian Development Bank has approved a $30 million Small Expenditure Financing Facility for the the Ceylon Electricity Board.