Lanka seeks $100m from OPEC Fund for water security project

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The programme is currently being implemented under the facility of over 300 million dollars from the Asian Development Bank…reports Asian Lite News

Sri Lanka held talks with the OPEC Fund for International Development for 100 million US dollars in assistance for a water security project, said a state minister on Wednesday.

In a social media post, State Minister for Finance Shehan Semasinghe said he discussed the Mahaweli water security investment programme at the Ministry of Finance with Yusuf Al-Mulam, Asia-Pacific regional manager of the OPEC Fund, reports Xinhua news agency.

The programme is currently being implemented under the facility of over 300 million dollars from the Asian Development Bank, and the OPEC Fund has agreed to co-finance another 100 million dollars, according to the minister.

This project, designed to deliver water from the Moragahakanda Reservoir to Hurulu and Mahakandara Reservoirs, is a testament to the success of Sri Lanka’s debt restructuring and reform programme, the minister added.

Sri Lanka tourism

Sri Lanka’s earnings from tourism rose to more than $1.5 billion in the first six months of 2024, a 77.9-per cent increase year-on-year, the Central Bank of Sri Lanka (CBSL) said in its latest weekly report.

Tourist arrivals in the first half were 1.01 million, up 61.7 per cent from the same period in 2023.

Tourism earnings in June hit $113.4 million, compared to $100.3 million a year ago, reported Xinhua news agency.

Meanwhile, workers’ remittances for the first six months of 2024 were $3.14 billion, up from $2.82 billion in the same period last year.

Earnings from remittances were $519.6 million in June.

Tourism and workers’ remittances are among the top foreign revenue generators for the South Asian nation.

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