| The Government of Sri Lanka, with the assistance of the World Bank and the Global Environment Facility (GEF) has established the Renewable Energy for Rural Economic Development (RERED) Project, which aims to expand the commercial provision and utilisation of renewable energy resources, with a focus on improving the quality of life and economic development in rural areas by providing access to electricity generated from such resources.
The project, which was implemented over the period 2002-2007 has been extended until 2011 with the signing of RERED Additional Financing agreement between the Government of Sri Lanka and The World Bank. The RERED Project is the follow-up to the successful Energy Services Delivery (ESD) Projet that was implemented during 1997-2002
The RERED Project was funded by a US$75 million line of credit from the International Development Agency (IDA) of The World Bank and a US$8 million grant from the GEF. IDA provided an additional US$40 million line of credit for RERED Additional Financing.
Loans for individual investments (sub-projects) are disbursed through Participating Credit Institutions (PCI), who make their independent credit assessments while ensuring that sub-projects are financially viable, environmentally sound, meet required engineering standards and are economically justifiable. The executing agency of the RERED Project is the Administrative Unit (AU) set up within DFCC Bank.
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