Sri Lanka gets US$ 50 million concessionary loan from Saudi Arabia for higher education sector
Sri Lanka is to receive a concessionary loan of US$ 50 million (Rs. 8.7 billion) from Saudi Arabia to set up a fully-equipped medical faculty at state-owned Sabaragamuwa University in Ratnapura.
The announcement was made by Sri Lanka’s Finance Ministry.
The loan for 187.5 million Saudi riyals (US$ 50 million) will be used to construct infrastructure facilities for a medical school at the university, the Ministry has stated.
“This Programme will contribute to the government policy of augmenting the opportunities for higher education in the field of medicine in Sri Lanka,” the Ministry has further noted.
Sri Lanka’s Finance Secretary R.H.S. Samratunga had led a delegation to Riyadh last week to negotiate the terms.
The funding is to be provided by the Saudi Fund for Development.
According to the Sri Lanka Medical Council, the body regulating doctors, Sri Lanka has nine medical schools all of which are attached to state universities.
OSL take:
The concessionary loan granted by Saudi Arabia to Sri Lanka’s higher education sector, especially to set up a fully equipped medical faculty at a state owned university, indicates the development potential in the country’s higher education sector. Foreign higher education institutions could explore opportunities in forming joint ventures with the state to expand Sri Lanka’s higher education sector.
| Article Code : | VBS/AT/18052019/Z_4 |