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IFC and WB officials visit Sri Lanka to discuss renewable energy and electricity sector reforms

May 05, Colombo (LNW): On May 3, 2024, the Ministry of Power and Energy welcomed a high-level delegation from the International Finance Corporation (IFC), led by Riccardo Puliti, the Regional Vice President of Asia & the Pacific.

This visit signified a significant step towards bolstering collaboration between Sri Lanka and global financial institutions in advancing renewable energy goals and electricity sector reforms.

The meeting was marked by discussions on various key areas, including ongoing electricity sector reforms, progress in renewable energy targets and implementation programmes, challenges in financing renewable energy projects, and the development of renewable energy infrastructure.

Power and Energy Minister Kanchana Wijesekara, along with other officials, engaged in productive dialogues aimed at addressing critical issues and exploring avenues for cooperation.

We discussed the ongoing electricity sector reforms and its progress, renewable energy targets and implementation programme, challenges in financing renewable energy projects & renewable energy infrastructure development, risk mitigating tools that can be extended by IFC and World Bank,” Wijesekara wrote on his ‘X’ handle.

Among the topics deliberated were the impediments faced in financing renewable energy projects and the need for innovative risk-mitigating tools to facilitate investment in this sector.

The presence of Imad Fakhoury, Regional Director South Asia for IFC, and Faris Hadad, Country Director for World Bank, underscored the commitment of these institutions to supporting Sri Lanka’s energy transition and sustainable development agenda.

The discussions were marked by a spirit of collaboration and a shared commitment to overcoming challenges and harnessing opportunities in the renewable energy sector.

The engagement of country managers and other officials from both the World Bank and IFC further enriched the exchange of ideas and perspectives.

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