The World Bank announced on Tuesday, November 11, that it has signed a $430 million financing agreement with Tunisia to support the country’s shift towards cleaner and more reliable energy over the next five years.
The initiative, known as the Tunisia Energy Reliability, Efficiency, and Governance Improvement Programme, includes $30 million in concessional financing and aims to strengthen the national electricity utility, promote renewable energy, and improve governance within the energy sector.
According to the World Bank, the programme seeks to attract $2.8 billion in private investment to generate 2.8 gigawatts of solar and wind energy capacity by 2028. It is also expected to create more than 30,000 construction jobs and reduce electricity supply costs by 23 percent. Alexandre Arrobbio, the World Bank’s Country Manager for Tunisia, said the project will help position Tunisia as a leader in clean energy while fostering economic growth and long-term energy security.