South Korea increases funding for new Sri Lanka Ocean University

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The Export-Import Bank of Korea

Sep 29, 2019 (LBO) – The initial outlay on Sri Lanka’s largest vocational skilling project announced on 28 August has now increased by 60 percent from its first value, the Ministry of Skills Development & Vocational Training said.

“Due to some important revisions and re-assessments on the ground, the project value has been boosted by another US $ 30 Mn to total at the US $ 80 Mn. This is a very large project” announced Daekyoo Park, the Country Director of Korea Exim Bank EDCF Colombo Office on 26 September.

Country Director Park, who was leading his team to discuss various cooperation projects by South Korea in Sri Lanka, was addressing Minister Rishad Bathiudeen during a review meeting.

The basic structures and course designs of Ocean University have already been agreed upon. The location of this new University will be at Mattakkuliya.

Another Ocean Training facility is also located at present in Mattakuliya just a few blocks away from this chosen land but the main University will be constructed on the best location for it-that is, at the estuary of Kelani River in Mattakkuliya.

Daekyoo Park, the Country Director of Korea Exim Bank EDCF Colombo Office (second from right) introduces his team members to Minister