$50m OPEC funding for Colombo roads

Friday, 18 January 2013 02:23 - - {{hitsCtrl.values.hits}}

Undeterred by the high number of loans signed from Japan, at this week’s Cabinet meeting President Rajapaksa has also agreed to US$ 50 million funding from OPEC.

The OPEC Fund for International Development has agreed to provide loan assistance of US$ 50 million for implementation of the Colombo National Highways Project.

This will widen and improve 13 road sections covering 65 km and to meet the expenditure involved in the reconstruction of the Nawala Bridge on the Nawala-Nugegoda road.

The Cabinet paper was presented by President Mahinda Rajapaksa and approved by the Cabinet, which met on Thursday morning.

Meanwhile, Sri Lanka is to establish a joint commission with the United Arab Emirates to explore trade cooperation between the two nations. Cabinet gave approval in this regard in response to a paper presented by External Affairs Minister Prof. G.L. Peiris.