The OPEC Fund for International Development (OFID) will lend USD 50 million to Sri Lanka to develop technological education in the country.
The loan agreement in this regard was signed on July 3 at the OFID Headquarters in Vienna, Austria by Finance and Mass Media 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 strategically important development projects during the past two decades. Under current portfolio, OFID provides financing for road and irrigation sectors. The government recently introduced a 13-year mandatory education policy and the Education Ministry expects to construct technical laboratories and provide required machinery and equipment to the schools through the project. The total cost of the project is USD 60.70 million. The OFID has agreed to provide a loan of USD 50.0 million and the Government will provide the balance USD 10.70.