Korea extends Rs. 7.5 b as bilateral support

Wednesday, 24 July 2013 00:34 - - {{hitsCtrl.values.hits}}

The Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea yesterday agreed to provide Rs. 7.5 billion for the establishment of the Colombo Central Vocational Training Centre, the Gampaha College of Technology and for the construction of a solid waste disposal facility.

This was as part of the Government of Korea agreeing to provide financial assistance of Rs. 7.5 billion for these development initiatives, having considered their relative importance and expected long term benefits, the Finance Ministry said. Signing of agreements pertaining to these projects took place yesterday at the Ministry of Finance and Planning. Seong-Hyeog Yim, Executive Director of the EDCF and P.B. Jayasundera, Secretary, Ministry of Finance and Planning signed the agreements on behalf of the Export-Import Bank of Korea and the Government of Sri Lanka respectively. Rs. 3.3 b investment for establishment of Colombo Central Vocational Training Centre and Gampaha College of Technology The Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea will provide a sum of Rs. 3.3 billion (approximately US$ 26.05) for the establishment of the Colombo Central Vocational Training Centre and the Gampaha College of Technology Project, which has been formulated in line with the development policy framework of the Government. The objective of the project is to establish two vocational training centres with modern technological facilities in Gampaha and Colombo districts to ensure the provision of formal professional education to students with the latest technical know-how in selected areas such as electronics, motor mechanism, tinkering, painting, welding and electric wiring, with particular attention to manufacturing sector. This project is also intended to empower the labour force with necessary knowledge and skills to meet the demands of both local and international markets and thereby increase job opportunities which will ultimately contribute to the economic development of the country. The project will be implemented by the Ministry of Youth Affairs and Skills Development. Rs. 4.2 b investment for construction of solid waste disposal facility Realising the importance of a comprehensive waste management system in controlling the deteriorated environmental conditions around roadsides, swamps and lowlands, the Government is implementing ‘Pilisaru’ (recycling resources), an integrated sustainable waste management program (ISWMP), to reinforce the waste management capacity of provincial governments and other environment related organisations. The construction of a solid waste disposal facility has been identified under the above program. The objective of this project is to implement effective solid waste management system in selected areas in the Kalutara, Galle, Anuradhapura and Kandy districts by constructing sanitary landfill facilities to minimise environmental pollution and preserve a comfortable urban atmosphere for residents. At the same time, the project will be expected to increase the percentage of the recyclable materials, decreasing waste volumes being sent to landfills by composting organic waste and decreasing revenue. The Economic Development Cooperation (EDCP) of the Export-Import bank of Korea has agreed to provide financial assistance of Rs. 4.2 billion (approximately US$ 33.54) for the development initiative (the total cost of the project is US$ 41.8 million). The project will be implemented by the Central Environmental Authority under the guidance of the Ministry of Environment and Renewable Energy. These loans have been provided at an interest rate of 0.15% per annum with a repayment period of 40 years including a grace period of 10 years.