ADB signs loan agreements worth $150 million with Ceylon Electricity Board, Sri lanka

The Asian Development Bank (ADB) has signed two loan agreements worth $150 million with Sri Lanka’s state-owned power utility, the Ceylon Electricity Board, for the Green Power Development and Energy Efficiency Improvement Investment Program (Tranche II). In addition, ADB and Sri Lanka’s Ministry of Finance have signed a guarantee agreement associated with the loan agreements. Tranche II of the programme consists of the following three major components – transmission infrastructure enhancement, efficiency improvement of the medium voltage network, and demand-side management improvement for energy efficiency through the development of a smart grid and metering pilot subproject. All the provinces, excluding Uva Province, will be directly benefited by the implementation of transmission, distribution and demand-side management components. The investment programme will support the government’s objective of enhancing clean power generation, system efficiency and reliability. Of the $400 million total project cost, $300 million is being provided by ADB under its multi-tranche financing facility. The Sri Lankan government had signed two loan agreements worth $150 million with ADB in November 2014 to finance the first tranche of the programme.

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