(MENAFN) The World Bank announced Tuesday it has finalized a $430 million financing package with Tunisia aimed at accelerating the nation's shift toward cleaner, more dependable energy sources through a five-year strategic program.

The substantial investment—comprising $30 million in concessional financing—will roll out via the Tunisia Energy Reliability, Efficiency, and Governance Improvement Program, designed to bolster the state electricity provider, advance renewable power generation, and strengthen regulatory oversight across the energy sector, according to the World Bank's official statement.

The ambitious program targets the mobilization of $2.8 billion in private sector capital to deploy 2.8 gigawatts of combined solar and wind generation capacity throughout Tunisia before 2028 arrives. Projections indicate the initiative will generate more than 30,000 construction-related positions while slashing electricity supply expenses by 23 percent, alongside additional benefits.

Alexandre Arrobbio, the World Bank's Country Manager for Tunisia, stated the program "will strengthen Tunisia's position in clean energy, creating economic opportunities and ensuring long-term energy security."

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