OPEC Fund extends $ 50 m boost for technological education

Monday, 9 July 2018 00:20 - - {{hitsCtrl.values.hits}}

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.