USD 50 million from OFID for implementation of Technological Education Development

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The OFID has been a major Development partner of Sri Lanka providing financial assistance to implement a number of strategically important development projects during the past two decades. Under current portfolio, OFID provides financing for road and irrigation sectors.

The lines and working pattern of our workforce is bound to change with both emerging technologies and changing demand for skills. Therefore, it is necessary for Sri Lanka to align its education and skills development programme with emerging needs. The Vocational Training, Science, Technology and Research will be coming together for providing professional skills needed. The government recently introduced the 13 year mandatory education policy. It is compulsory to provide required infrastructure facilities and equipment with modern technology for practical activities as well as training of teachers.

Accordingly, the Ministry of Education expects to construct technical laboratories and provide required machinery and equipment to the schools through the above project. The total cost of the project is USD 60.70 million. The OFID has agreed to provide a loan of USD 50.0 million in support of the above project. The balance USD 10.70 will be borne by GOSL.

The Loan Agreement has been signed today, 3rd July at the Headquarters of OFID in Vienna, AustriabyDr R.H.S. Samaratunga, Secretary to the Ministry of Finance and Mass Media on behalf of the Government of Democratic Socialist Republic of Sri Lanka and Mr. Suleiman J. Al-Herbish, Director General of OFID on behalf of the OPEC Fund for International Development.

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