US$ 50 million loan to implement technological education development
Sri Lankan government gets US$ 50 million OFID loan to implement technological education development programme

Sri Lankan government gets US$ 50 million OFID loan to implement technological education development programme

The government of Sri Lanka has reportedly signed a loan agreement to obtain financial assistance of US$ 50 million from the OPEC Fund for International Development (OFID) to implement technological education development programmes.
Under current portfolio, OFID provides financing for road and irrigation sectors, reports state.
According to the reports, the lines and working pattern of the local workforce is bound to change with both emerging technologies and changing demand for skills.
Hence Sri Lanka is looking at aligning its education and skills development programme with emerging needs.
Accordingly, 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 and it is compulsory for the government 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 US$ 60.70 million.
The OFID has agreed to provide a loan of US$ 50.0 million in support of the above project while the balance US$ 10.70 million is to be borne by the Sri Lankan government.

OSL take:

The Sri Lankan government is in the process of developing infrastructure facilities and equipment with modern technology for practical activities as well as training of teachers in a bid to implement technological education development programmes. Foreign companies engaged in providing education facilities could look at opportunities in Sri Lanka’s education sector. The latest OFID loan agreement is an indication of the funding availability for education programmes in Sri Lanka. Also, these programmes would result in the development of a skilled human resource in Sri Lanka that would further improve the country’s business environment.

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Article Code : VBS/AT/20180713/Z_1

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