OPEC Fund Commits Rs. 30 Billion to Sri Lanka’s Mahaweli Water Security Project
July 12, Colombo (LNW): 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, according to Finance State Minister Shehan Semasinghe. He emphasized that this significant funding is a testament to 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. This project is already benefiting from over US$ 300 million in assistance from the Asian Development Bank (ADB).
The OPEC Fund’s additional commitment of over USD 100 million underscores its continued 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 involves the development of water systems from the Moragahakanda and Kaluganga reservoirs to the Huruluwewa and Mahakandarawa reservoirs. This recent discussion follows Minister Semasinghe’s previous focus on the project during his visit to Austria, with another round of talks held 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 ongoing reforms within the country. He emphasized that 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 programs.
