OPEC to provide Rs.30 Bn for Mahaweli Water Security Investment Project
The Organization of the Petroleum Exporting Countries (OPEC) Fund has agreed to provide Rs.30 billion (US$ 100 million) for the Mahaweli Water Security Investment Project, Finance State Minister Shehan Semasinghe said.
Semasinghe stated that receiving such a significant amount is a result of the international trust Sri Lanka has garnered.
The announcement was made during a discussion at the Finance Ministry between Minister Semasinghe and Yusuf Al-Mulhim, the OPEC Fund’s Regional Manager for Asia-Pacific, focusing on the future activities of the Mahaweli Water Security Investment Project.
The project is currently being carried out with assistance exceeding US$ 300 million from the Asian Development Bank (ADB).
The OPEC Fund’s additional commitment of over USD 100 million further underscores its support for the initiative.
During the meeting, Minister Semasinghe expressed gratitude to the OPEC Fund for its contributions on behalf of the people of Sri Lanka.
The Mahaweli Water Security Investment Project includes the development of water systems from the Moragahakanda and Kaluganga reservoirs to the Huruluwewa and Mahakandarawa reservoirs.
The recent discussions follow Minister Semasinghe’s previous focus on this project during his visit to Austria, with another round of talks held yesterday at the Finance Ministry.
Minister Semasinghe highlighted that the allocation of funds by the OPEC Fund for this long-term project aimed at benefiting Sri Lanka’s agricultural sector is a result of successful debt restructuring and the ongoing reform program within the country.
He emphasised that the international trust in Sri Lanka has played a crucial role in securing this support.
The OPEC Fund has previously contributed to 13 completed projects in Sri Lanka and is currently supporting another seven projects under its aid programmes.
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