Subject: LUSA: World Bank aids oil sector development

10-12-2002 18:03:00. Notícia nº 4434534

East Timor: World Bank aids oil sector development

Dili, Dec. 10 (Lusa) - A two-day donor conference concluded Tuesday in Dili, with East Timor and the World Bank signing an agreement that will fund technical support to the new nation's oil sector.

A USD 240,000 subsidy will be released from the Trust Fund for East Timor (TFET), managed by the World Bank, to help Dili develop the Bayu-Undan and Greater Sunrise oil and gas fields.

The agreement was signed by Prime Minister Mari Alkatiri and World Bank Vice-President Jamil-ud-din Kassum.

The Dili government also informed the 250-odd delegates at the donor conference that it aims to channel some of TFET's annual USD 1.2 million into additional technical support to the oil sector.

USD 700,000 of these funds will also be pumped into Dili's priority area of education, the international donor conference was told.

ASP/CJB -Lusa-

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