Moratuwa Uni.’s Medical Faculty construction project to kick off with US $ 33.2mn loan from Kuwait Fund

The Cabinet approval was granted this week to secure a US $ 33.2 million loan from the Kuwait Fund for Arabic Economic Development, which is also known as the Kuwait Fund, to finance the construction of the Medical Faculty of the University of Moratuwa. 

Finance Minister Basil Rajapapaksa on Monday sought the approval of the Cabinet of Ministers to enter into a loan agreement with the Kuwait Fund for US $ 33.2 million (Kuwait dinar 10 million) for the proposed project.

In an earlier occasion, the approval of the Cabinet Ministers had been granted for the initiation of a medical faculty for the University of Moratuwa and the faculty buildings were to be constructed in Nagoda and Katubedda. 
Prof. F.R. Fernando has been appointed as Dean of the Faculty of Medicine.

The Kuwait Fund is the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. Earlier, the fund has provided loans to finance similar infrastructure projects at the Eastern and South Eastern Universities.