IFC works to boost financing for renewables in Sri Lanka

The International Finance Corporation (IFC) is collaborating with the Commercial Bank of Ceylon (CBC) to help the lender boost its investment in Sri Lankan companies involved in renewable energy and energy efficiency projects.

More specifically, the IFC will aid CBC in developing a green energy finance business through which it will provide funds for renewable energy and energy efficiency developments, green buildings, cleaner production and others, the IFC said on Tuesday. The partnership is being carried out 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.

“There is substantial untapped potential in Sri Lanka for investments in green-energy projects,” CBC’s managing director Jegan Durairatnam said.

Sri Lanka currently meets 70% of its power demand through thermal power and renewable energy is seen to help the democratic republic cut its overdependence on fossil fuels, the IFC noted.

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