The Government of Korea has agreed to provide financial assistance of Rs.7.5 billion (US$ 60 million) to establish a Vocational Training Centre and a solid waste disposal facility having considered their relative importance and expected long term benefits, the Finance Ministry said.
The Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea has 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.
The two sides signed the relevant agreements Tuesday at the Ministry of Finance and Planning. Executive Director of the EDCF Seong-Hyeog Yim and Secretary, Ministry of Finance and Planning Dr. P.B. Jayasundera signed the agreements on behalf of the Export-Import Bank of Korea and the Government of Sri Lanka respectively.
The EDCF will provide Rs. 3.3 billion (approximately US$ 26 million) investment for the establishment of Colombo Central Vocational Training Centre and Gampaha College of Technology Project, which has been formulated in line with the development policy framework of the Government.
The project aims to establish two vocational training centers with modern technological facilities in Gampaha and Colombo Districts to ensure providing formal professional education to students with the latest technical know-how in the 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 labor 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.
The EDCP has also agreed to provide financial assistance of approximately US$ 33.54 million of the total cost of US$ 41.8 million for a project to construct a solid waste disposal facility.
Realizing 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 organizations. 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 minimize 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 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.