Colombo: The World Bank has approved a $150 million program to aid Sri Lanka in its transition to clean, reliable, and affordable energy.

According to Namibia Press Agency, the initiative, titled Secure, Affordable, and Sustainable Energy for Sri Lanka, aims to reduce the country's dependence on costly fossil fuel imports and expedite its shift to solar and wind energy. The program is designed to provide clean, affordable electricity to both families and businesses throughout Sri Lanka, as stated by David Sislen, the World Bank division director for the Maldives, Nepal, and Sri Lanka.

In addition to the direct funding, the program anticipates mobilizing over $800 million in private investment. This is expected to lower electricity costs and enhance reliability for Sri Lankan families and businesses. The initiative also focuses on upgrading the country's electricity grid, which will improve its capacity to handle renewable energy sources and reduce power outages.

The modernization of the grid is anticipated to stabilize electricity prices and expand energy access for households and businesses across the nation. This comprehensive approach is set to significantly impact Sri Lanka's energy landscape by integrating more renewable sources and improving the overall efficiency of the energy system.