In a significant boost reflecting the international confidence in Sri Lanka’s economic reforms, the OPEC Fund has agreed to provide financial assistance of LKR 30 billion (USD 100 million) for the Mahaweli Water Security Investment Project. This support highlights the benefits of Sri Lanka’s successful debt restructuring efforts.
State Minister of Finance Shehan Semasinghe announced that receiving such a substantial amount is a testament to the international trust Sri Lanka has garnered. The announcement followed a discussion at the Ministry of Finance between Minister Semasinghe and Yusuf Al-Mulhim, the OPEC Fund’s Regional Manager for Asia-Pacific. The talks focused on the future activities of the Mahaweli Water Security Investment Project.
Currently, the project is being carried out with assistance exceeding USD 300 million from the Asian Development Bank (ADB). The OPEC Fund’s additional commitment of over USD 100 million underscores its robust 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. 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 Ministry of Finance.
Minister Semasinghe emphasized that the allocation of funds by the OPEC Fund for this long-term project, aimed at benefiting Sri Lanka’s agricultural sector, is a direct result of the country’s successful debt restructuring and ongoing reform programs. He stated that the international trust in Sri Lanka has been crucial 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. This continued support demonstrates the growing international confidence in Sri Lanka’s economic stability and development potential.
