Kuwait Funds extends $ 10.5 m for development of South Eastern University

Wednesday, 21 December 2011 01:19 - - {{hitsCtrl.values.hits}}

The Development Policy Framework of the Government of Sri Lanka has identified the necessity to develop essential academic infrastructure and introduce new demand driven degree programmes at the South Eastern University of Sri Lanka to reflect regional and national needs of the country and thereby support the social and economic development in Sri Lanka.

Accordingly, financial assistance is sought from the Kuwait Fund for Arab Economic Development for this purpose and the Kuwait Fund for Arab Economic Development agreed to provide financial assistance in two phases.

Phase 1 “A” is now being implemented with assistance of US$ 7 million extended by the Kuwait Fund for Arab Economic Development. The total cost of Phase 1 “B” of the South Eastern University of Sri Lanka Development Project is US$ 12 million and the Kuwait Fund for Arab Economic Development has agreed to provide a loan equivalent of US$ 10.5 million (approximately Rs. 1144.5 million).

The balance US$ 1.5 financed by the Sri Lanka Government. The loan is provided on highly concessional terms at an interest rate of one per cent per annum with a repayment period of 24 year grace period.

The Loan Agreement for the South Eastern University of Sri Lanka Development Project - Phase 1 “B” was signed yesterday at the Ministry of Finance and Planning by Secretary, Ministry of Finance and Planning Dr. P.B Jayasundera on behalf of the Government of Sri Lanka and Kuwait Fund for Arab Economic Development Deputy Director General Hesham Al-Waqayan on behalf of the State of Kuwait.