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| Sunday, 17 March 2002 |
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Big OPEC fund loan for rural development The OPEC Fund for International Development will provide a US$ 5 million loan to Sri Lanka to help finance a multi faceted rural development scheme. Its aims are to create an environment to assist micro and medium enterprises, particularly those relating to agricultural activities that enhance economic growth and offer employment opportunities. Under this initiative some 8,500 small, medium and micro enterprises will be eligible to receive lines of credit, and a range of enterprise development services will provide entrepreneurs with the knowledge and skills needed to help develop their businesses. Infrastructure will be enhanced through the rehabilitation of over 1,000 km of roads that provide important transport links to market places and social services. Some 92 rural markets, which not only provide outlets for the sale of local produce but also act as accumulation depots for the transport of goods to other parts of the country, will be upgraded, and surrounding access roads built/repaired. In addition, the institutional capacity of the Southern Province's public sector entities will be strengthened. Once completed an estimated 300,000 new employment opportunities will be created, making a significant impact on household incomes. The Fund has extended nine other loans to Sri Lanka. Of these, two were extended for balance of payments support, and seven have helped finance projects in the energy, multi-sectoral, agriculture and education sectors. The country has also benefited from two research grants and four technical assistance grants in the areas of agriculture and education, as well as aid to support a food program. |
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| Editorial | Security Produced by Lake House |
