TUNIS, Nov. 11 (Xinhua) -- The World Bank said Tuesday that it has signed a 430-million-U.S. dollar financing agreement with Tunisia to support the country's transition to cleaner and more reliable energy under a five-year initiative.
The funding, which includes 30 million dollars in concessional financing, will be implemented under the Tunisia Energy Reliability, Efficiency, and Governance Improvement Program, which aims to strengthen the national electricity utility, promote renewable energy, and enhance energy sector governance, it said in a statement.
The initiative aims to mobilize 2.8 billion dollars in private investment to add 2.8 gigawatts of solar and wind capacity in Tunisia by 2028. It is expected to create over 30,000 construction jobs and reduce electricity supply costs by 23 percent, among others.
It "will strengthen Tunisia's position in clean energy, creating economic opportunities and ensuring long-term energy security," said World Bank's Country Manager for Tunisia Alexandre Arrobbio.
