$ 50 m from Saudi Fund for medical faculty in Sabaragamuwa University

Saudi Fund for Development SFD has agreed to provide a concessional loan amounting to Saudi Riyal 187.5 million (approximately $ 50 million) to establish a medical faculty in the University of Sabaragamuwa. The balance $ 20.46 million will be borne by the GOSL.

Accordingly, the loan agreement was signed on 18 September at the Ministry of Finance by Ministry of Finance Secretary Dr. R.H.S. Samaratunge on behalf of Sri Lanka and Vice Chairman and Managing Director Dr. Khaled Sulaiman Alkhudairy, on behalf of the Saudi Fund for Development.

The Government has already approved the establishment of the Faculty of Medicine at Sabaragamuwa University and has allocated necessary funding through the budgetary allocations of the year 2017. Further, first batch of students for the medical faculty has been enrolled

In line with the Government Policy Framework ‘Vision 2025’, the Government views the provision and improvement of social goods such as education, skill development, and healthcare as part and parcel of its development agenda. According to available information of the Ministry of Health, Nutrition and Indigenous Medicine, the number of medical officers per 100,000 populations in Sri Lanka is about 77. However, as per the World Health Organization, medical officer density per 100,000 populations in developed countries trial than the Sri Lanka rate. 

Thus, the Government will take steps to increase the tertiary education by increasing the state university enrolment. As the Government strives to extend the benefits of development to every part of the country, establishing healthcare facilities of appropriate standards should be accompanied with quality and trained healthcare professionals in the country.

The cooperation between the Government of Sri Lanka and the Kingdom of Saudi Arabia was initiated with extending a loan of $ 30 million for Second Water Sector and Sewerage project in 1981 through the Saudi Fund for Development. The development projects financed by the Saudi Fund Development by providing concessional financing are significant milestones of the relationship between two countries. 

The total amount of loans extended by the SFD as at end of 2018 was $ 386 million. The priority areas of the SFD assistance are; road, health, irrigation and community development sectors, higher education, etc.