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OPEC funds for development projects

by Jayasiri Munasinghe

Sri Lanka has gained concessions from the Organisation of Petroleum Exporting Countries (OPEC) for payments towards crude oil purchases, Finance Minister Dr. Sarath Amunugama said yesterday.

Dr. Amunugama, who briefed the media on his recent tour to Vienna, said OPEC has agreed to grant a grace period of up to one year for crude oil payments. OPEC has also provided Rs.4.4 billion for five development projects in Sri Lanka, the Minister said.

The delegation, which also included Peace Secretariat Chief Jayantha Dhanapala, held extensive discussions with OPEC aid division chief Sulaimann Al Habs.

The OPEC funds will be channelled to the Moragahakanda, Menik Ganga, Uma Oya and Laxapana rehabilitation projects as well as for the development of the Nuwara Eliya hospital.

The Minister also held discussions with German officials, who pledged substantial aid for small and medium sector enterprises development in Sri Lanka. These funds will be provided to the DFCC and NDB banks, which in turn will channel them to the SME sector.

A German delegation will visit Sri Lanka next month for further discussions in this regard.

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