$ 100 m ADB loan for power sector reforms

Wednesday, 3 July 2024 00:22 - - {{hitsCtrl.values.hits}}

Total financial assistance for entire program is expected to be $ 300 m, each sub-program receiving $ 100 m
Holds preliminary discussions to rollout reforms via three sub-programs

The Cabinet of Ministers on Monday approved obtaining $ 100 million loan from the Asian Development Bank (ADB) to support institutional and structural reforms within the Ceylon Electricity Board (CEB) and Ceylon Electricity Company. The initiative is part of a broader Renovation and Financial Sustainability Program aimed at overhauling the country’s power sector.

The total financial assistance for the entire program is expected to amount to $ 300 million. Preliminary discussions between the Government and the ADB have outlined a comprehensive plan to implement these reforms through three sub-programs, each receiving $ 100 million in funding.

The proposal, to this effect presented by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister, was given the green light by the Cabinet of Ministers. (CdeS)

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