Sri Lanka’s govt gets USD 50Mn loan from OPEC fund for international development

Jul 09, 2018 (LBO) – Sri Lanka’s government signed a loan agreement for obtaining financial assistance of US 50 million dollars from OPEC fund for International Development (OFID) for implementation of technological education development programme

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 US 60.70 million dollars.

The OFID has agreed to provide a loan of US 50.0 million dollars in support of the above project. The balance US 10.70 million dollars will be borne by GOSL.