Finance and Mass Media Secretary Dr. R.H.S.Samaratunga (left) exchanging the loan agreement with OFID Director General Suleiman J. Al-Herbish at OFID headquarter in Vienna, Austria
Sri Lanka has received US$ 50 million loan from OPEC Fund for International Development (OFID) to improve the country’s technological education.
A Finance & Mass Media Ministry statement said Sri Lanka signed a loan agreement for obtaining financial assistance worth US$ 50 million from OFID to implement the Technological Education Development Programme.
The Education Ministry expects to construct technical laboratories and provide required machinery and equipment through the above project.
The total cost of the project is estimated at US$ 60.70 million. The balance US$ 10.70 million will be borne by the Sri Lankan government.
The lines and working pattern of Sri Lanka’s workforce is bound to change with both emerging technologies and changing demand for skills.
nce it is necessary for the country to align its education and the skills development programme with emerging needs. The government recently introduced the 13-year mandatory education policy.
The OFID has been a major development partner of Sri Lanka providing financial assistance to implement a number of strategically-important development projects during the past two decades.
Under the current portfolio, OFID provides financing for road and irrigation sectors.
