Tunis: The World Bank and Tunisia have signed a $430-million financing deal to modernise the North African country's electricity sector and expand renewable energy, the bank said Tuesday.

The deal seeks to "strengthen Tunisia's position in clean energy, creating economic opportunities and ensuring long-term energy security," the bank said.

The five-year deal will make Tunisia's power supply more "sustainable, reliable, and affordable" by supporting the state utility STEG's performance and boosting renewable energy deployment, the statement said.

The programme also aims to "support Tunisia in achieving its goals to mobilise $2.8 billion in private investment to add 2.8 gigawatts of new solar and wind capacity by 2028".

This would help Tunisia cut electricity costs by nearly a fifth while creating some 30,000 jobs, the bank said.

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