June 15, Colombo: The World Bank today approved additional financing of US$40 million to strengthen the Sri Lanka’s efforts to bring electricity to remote rural communities and promote private sector investments in power generation from renewable energy sources in urban areas.

“We would like to focus on the provision of energy services to some of the 25 percent of the Sri Lankan population that has no access to electricity at home,” said Naoko Ishii, World Bank Country Director.

The grid-connecting capacity will be boosted by a further 50 MW and off-grid electricity services will be extended to 60,000 additional households and 500 rural micro- and small-scale enterprises in rural areas, she added.

The credit is provided by the International Development Association (IDA), the World Bank’s concessionary lending arm, and has 20 years to maturity and a 10-year grace period.