The World Bank’s Board of Executive Directors have approved US13 million in additional financing to Solomon Islands for the Sustainable Energy Project, S-I-S-E-P.
A media statement from the World Bank sates, the funds help improves the operational efficiency, system reliability and financial sustainability of the national power utility, the Solomon Islands Electricity Authority, SIEA.
It says the S-I-S-E-P project began in 2008 and has supported the financial turn-around of the SIEA.
This new funding will build on this success and support SIEA’s efforts to strengthen the capacity of its main power grid to meet consumer demands for improvements in the reliability and efficiency of electricity supply.
The World Bank says, the new funding will be used to finance capital investments to strengthen SIEA’s largest power grid in Honiara and improve the efficiency and reliability of power supplies; strengthen project management capability to execute capital works activities among other areas ear marked for improvement.
This additional finance consists of a grant and low-interest credit from the International Development Association IDA, the World Bank’s fund for the poorest countries.