Sri Lanka, July 14 -- Sri Lanka is set to receive a combined foreign financing package of nearly US$55.9 million to strengthen its solar power sector and expand renewable energy access through a new ground-based solar power consolidation project.

The Cabinet has approved entering into loan and grant agreements with the Asian Development Bank (ADB), the European Union (EU), and the Japan Fund for the Joint Credit Mechanism to implement the "Project on Ground-Based Solar Power Consolidation and True Net Metering."

The financing package includes a US$35 million concessional loan from the ADB, a EUR 15.4 million grant from the European Union, and a US$5.5 million grant from the Japanese Fund for the Joint Credit Mechanism.

The project aim...