The Cabinet on Wednesday approved the move by the National Institute of Business Management (NIBM) to set up a Business School.
A 50 acre block of land in Pitipana, Homagama, owned by the Urban Development Authority (UDA) has been identified to set up this venture which will be called National School of Business Management affiliated to NIBM, with degree awarding status.
Since it is a self financing institute, it was permitted to seek long-term soft loan of Rs 3.5 billion from local and foreign banks.
The Cabinet approval follows a proposal to this effect submitted by Minister of Youth Affairs and Skills Development Dulles Alahapperuma.
NIBM is a self-financing institute providing education, training and consultancy services for the public and private sectors in Sri Lanka.
Granted Degree Awarding Status by the University Grants Commission in 2009, it presently trains more than 10,000 students annually.