Commercial Bank of Ceylon to get USD 100m form IFC for green plan

With USD 100 million (EUR 85) in seven-year financing, the International Finance Corporation (IFC) will help Sri Lanka’s Commercial Bank of Ceylon (CBC) boost lending for renewables and energy efficiency.

The investment was unveiled today by the IFC, and follows last-month’s announcement that the World Bank Group member will help CBC in developing a green energy finance business. That partnership came under the IFC’s Green-Finance programme, the goal of which is to lift private sector investments in green energy projects by offering investment and advisory support to local lenders.

In Sri Lanka renewable energy is needed to cut the country’s overdependence on fossil fuels. Just recently, the Ceylon Electricity Board (CEB) launched a Request for Proposals (RfP) for a 10-MW solar project in Batticaloa district, with responses due by August 15.

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