⚡️ ADB Approves US$ 100M for Sri Lanka Power Sector Reforms

• The Asian Development Bank (ADB) has approved a US$ 100 million policy-based loan to strengthen power sector governance and financial sustainability. • Core Reform: The financing will accelerate the unbundling of the Ceylon Electricity Board (CEB) into independent successor companies (generation, transmission, system operation, distribution), mandated by the Electricity Act of 2024/2025. • Financial Viability: Program supports implementing cost-reflective tariffs and a comprehensive debt restructuring plan for CEB, including transparent debt allocation to the new entities to enhance creditworthiness. • Growth & Investment: A key focus is strengthening renewable energy development and fostering private sector participation through competitive procurement for large-scale projects. • Inclusion: The program promotes gender equality and social inclusion by maintaining lifeline tariffs for vulnerable groups and supporting women's leadership in the energy sector. • ADB will provide an additional US$ 2.5 million technical assistance grant for capacity building and developing business/power system plans for the successor companies.