Home / Front Page/ OPEC Fund extends $ 50 m boost for technological education

OPEC Fund extends $ 50 m boost for technological education

Comments / {{hitsCtrl.values.hits}} Views / Monday, 9 July 2018 00:20

The OPEC Fund for International Development (OFID) is extending $ 50 million for the implementation of a technological education development program in Sri Lanka.

The program, initiated by the Ministry of Education, expects to construct technical laboratories and provide required machinery and equipment to the schools through. The total cost of the project is $ 60.70 million. The OFID has agreed to provide a loan of $ 50 million in support of the project. The balance $ 10.70 will be borne by the Government, the Finance Ministry said.

The loan agreement was signed last week at the Headquarters of OFID in Vienna, Austria by Finance Ministry Secretary Dr. R.H.S. Samaratunga and OFID Director General Suleiman J. Al-Herbish.

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. 

The lines and working pattern of our workforce is bound to change with both emerging technologies and the changing demand for skills. Therefore, it is necessary for Sri Lanka to align its education and skills development program with emerging needs. The vocational training, science, technology and research will be coming together to provide the professional skills needed. The Government recently introduced the 13-year mandatory education policy. It is compulsory to provide the required infrastructure, facilities and equipment with modern technology for practical activities as well as for the training of teachers. 


Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

The rate of exchange, capital flight and the Central Bank

Friday, 21 September 2018

The Central Bank (CBSL) exists for the sole purpose of price stability. Its controls on the financial system and monetary policy exist to maintain price stability. As put forth many times by the Governor, the failing of the CBSL to control inflation

Red flag over the Sri Lankan Navy

Friday, 21 September 2018

Shocking story Rusiripala, a former banker in Sri Lanka, who has taken to writing in Daily FT, is perturbed by the red flag I have raised (Daily FT article 18 September) over the shocking charge that our Navy had operated a ransom gang that had abduc

The bald truth about fake news, etc.

Friday, 21 September 2018

In its most innocent forms, we may all enjoy a bit of ‘fake news’ and go to bed with a lighter heart and clean conscience. A meme on Facebook urging social media consumers to caution – “You can’t believe everything you read on the internet

Withholding Taxes – What, why, when?

Thursday, 20 September 2018

The tax regime in Sri Lanka historically imposes WHT on both domestic as well as cross border payments. WHT on domestic payments eases revenue collection (e.g.: PAYE) while WHT on cross border payments are adopted by most countries to ensure that the

Columnists More