Sri Lanka gets financial assistance from US, India and China

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The China National Energy Engineering and Construction Company Limited (CNEE), a Chinese state-owned energy conglomerate, has offered to invest USD 800 million on 400 MW Renewable Energy Projects in Sri Lanka, according to the Sri Lankan Embassy in Beijing.

IFC, a member of the World Bank Group, will help the Commercial Bank of Ceylon evaluate and finance renewable energy projects in Sri Lanka in an initiative that promises to yield environmental and economic rewards.

IFC is extending a $15 million equivalent risk-sharing facility to Commercial Bank to support Sri Lanka’s power-generation capacity while addressing climate change.

Ambassador of Sri Lanka to China Palitha Kohona had strengthen Sri Lanka and China relationship and he recently visited the massive KE Electric plant in Shijuazhuang. Kohona said that the Government policy to produce 70% of Sri Lanka’s electricity needs from renewable sources by 2030.

Meantime, US$.100 million loan pledged by India to Sri Lanka to develop the energy sector. Recently, US based New Fortress company will invest another US$ 250 million investment in the Kerawalapitiya LNG gas power plant.

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