The Kuwait Fund for Arab Economic Development and The Government of Sri Lanka signed a loan agreement on 20/12/2011 at Colombo for the amount of 3 Million Kuwait Dinar Equivalent to US $ 10.2 Million for financing the South Eastern University of Sri Lanka Development Project.(Phase 1 “B”)
The loan agreement was signed by Dr. P B Jaysundara Secretary Ministry of Finance and Planning ,Republic of Sri Lanka ,Whereas Mr. Hisham Al-Waqayan ,Deputy Director General Signed the loan agreement on behalf of Kuwait Fund in the presence of H E The Ambassador of Kuwait in Sri Lanka Yaqoub Yousuf Alateeqi.
The Project represents Phase 1 “B” of a Development Plan, for the University of South Eastern Sri Lanka in Ampara District that aims to support the social development and economic growth of Sri Lanka by improving the quality of Degree Courses of the said University to reflect regional and national needs and at the same time increase student numbers, by developing the necessary academic infrastructure and introducing new demand driven degree programme.
The Project consists of construction works for specialized collages and modern facilities for the new university campus. The project also includes the execution of a big part of the infrastructure and external works, procurement and installation of furniture and educational and information technology equipment required for the computer centre in addition to consultancy services for the design and supervision of the project implementation.
With the loan becoming effective, the Fund will have provided 12 loans to the Republic of Sri Lanka as the fund has previously provided it with 12 loans to finance Projects in various sectors totaling about KD 49.6 Million ( equivalent to about us$ 169 million) The fund has also provided to Sri Lanka a Technical Assistance in the amount of KD 250 Thousand (equivalent to about US$ 852 thousand to assist in the carrying out of a feasibility study for Moragolla Hydropower Project.