The World Bank allocated $151 million in funding to Tunisia to assist in the process of diversifying its sources of electricity. The funds granted in the form of a loan will make it possible to produce clean and less expensive energy, with the establishment of renewable energy plants by private energy companies in the country.
Part of the funding will also be devoted to improving the performance of the Tunisian Electricity and Gas Company.
According to the World Bank, these measures will contribute to the establishment of a greener energy sector and will also reduce the dependence of the electricity sector on fossil fuel imports. Further, it will strengthen the financial position of the sector to enable it to attract more private investment.
"This new project represents a significant investment in making the energy sector a more environmentally friendly, energy efficient and economically sustainable sector," said Tony Verheijen, the resident representative of the World Bank in Tunisia.
The country aims to produce 30% of its energy from renewable sources by 2030.