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Kuwait, Sri Lanka sign KD two million KFAED loan agreement

KUWAIT, July 17 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) and Sri Lanka signed on Tuesday in Colombo a loan agreement worth two million Kuwaiti dinars (KD), (around USD 6.8 million), to finance the first phase of the South Eastern University of Sri Lanka development project.
Sri Lanka was represented by the Secretary of the Ministry of Finance and Planning Dr. P.B. Jayasundera while the Fund was represented by its Deputy Director General Hesham Al-Waqayan.
A press release by the fund said, the development project aims to support the social development and economic growth of Sri Lanka by improving the quality of Degree Courses at 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 programmes.
The Project consists of construction works that include civil engineering and electro-mechanical works for a number of buildings and facilities, external works which include site clearance, road works, electrical installations and sub stations, water supply, waste water and sewage system, landscaping, flood defense and other related works, supply and installation of furniture and educational and information technology equipment, it added.
The development plan also includes curriculum development and capacity building and training for the academic staff, and consulting services for detailed design, preparation of tender documents and assistance in analysis of tenders and supervision of construction. With this loan, the Fund has offered 10 loans to Sri Lanka to finance various sectors totaling about KD 39.7 million, around USD 135 million. (end) hq.hm KUNA 171255 Jul 07NNNN