The Asian Development Bank (ADB) has approved a $30 million financing facility for the Ceylon Electricity Board (CEB), marking the first such facility provided to Sri Lanka.

In a statement, the ADB emphasized that the funding will ensure the sustainability of ongoing and future energy sector projects. The initiative aims to promote renewable energy development and encourage private sector participation in the energy sector.

The program is seen as a crucial step toward achieving Sri Lanka's target of generating 70% of its electricity from renewable sources by 2030.