Press Release

OPEC Fund supports leasing company in Sri Lanka

44/2005 April 21, 2005, Vienna, Austria

An agreement for a US$5 million line of credit was signed today between the OPEC Fund for International Development and the Lanka ORIX Leasing Company Limited of Sri Lanka.

The credit will enable the firm to expand its leasing operations and provide longer-term financing for small and medium-sized enterprises (SMEs).

Founded in 1980, Lanka ORIX is Sri Lanka’s first leasing company. It currently provides services to a range of established concerns in the trading, transport, construction, agriculture, tourism and industrial sectors.

This is the second line of credit to be extended by the Fund to Lanka ORIX. The fresh financing will provide new opportunities for private enterprise in Sri Lanka and contribute to raised employment and productivity levels.

The OPEC Fund has been involved in the financing of public sector development activities in Sri Lanka for over two decades, directing substantial assistance towards projects in the energy, agriculture, multi-sectoral and education sectors. In addition, the Fund has provided balance of payments support and financed commodity imports programs. The country has also benefited from a number of grants. In May 2002, an agreement for the encouragement and protection of investment was signed between the Fund and the government of Sri Lanka.

Today’s agreement was signed in Vienna by Mr. I.C. Nanayakkara, Deputy Chairman of the Lanka ORIX Leasing Company Limited, and by H.E. Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.