Feb 10, 2013 (LBO) – Sri Lanka is on track to build a 100 million US dollar branch campus of Britain’s University of Central Lancashire (UCLan), an 120-acre site leased from the state, a media report said. Many parents spend lifetime savings, sell houses or get into debt to educate their children abroad.
Sri Lanka’s The Sunday Times newspaper said UCLan Lanka (Private) Limited, a domestically incorporated firm had signed a deal with the state investment promotion agency to get land and tax breaks.
The Board of Investment of Sri Lanka will give land on a 99-year lease to from its investment zone in Mirigama, in island’s north central area to build a 100 million US dollar campus.
It will have operated according to Sri Lanka’s University Act.
The newspaper said the campus had been given a 15-year tax holiday, and it will be exempt from withholding tax on interest paid on foreign loans, on fees paid to consultants, management fees, royalties and marketing fees.
Sri Lanka has had a state monopoly on tertiary education which has restricted citizens’ education liberties for decades.