Korea grants US$30mn loan to uplift Sri Lanka’s IT sector

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The Government of Republic of Korea has agreed to provide a concessional loan of USD 30 million (Approximately Rs.5,460 million) to establish National Center of e-Content Development for Computer Assisted Teaching in Sri Lanka. The objectives of the proposed project are to; Improve ICT teaching and learning environment for secondary education in Sri Lanka, enhance teachers’ ICT education capacity, and provide equal opportunity for education for every student including those living in rural areas.

The Project will be executed by the Ministry of Education (MOE). The MOE plans to expand ICT training facilities to provide education, using ICT technologies such as e-learning services and ICT training. In line with the plan, it is proposed to establish fully equipped National Contents Development Center (NCDC) in North Western Province and two Provincial ICT Education Centers (PICTEC) in Eastern and Southern Provinces. NCDC and each PICTEC will engage in developing e-learning contents and the content will be shared among teachers and students through e-Thaksalawa, and other trainings programs currently in operation.

In this context the Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea has agreed to provide a loan in Korean Won not exceeding the equivalent of US$ 30,099,000 to establish National Center of e-Content Development for Computer Assisted Teaching in Sri Lanka.

The interest rate per annum will be 0.15% with a repayment period of 40 years including a grace period of 10 years.

The signing of Loan Agreement pertaining to the above project took place today, at the Ministry of Finance. Loan Agreement was signed by Dr. R H S Samarathunga, Secretary, Ministry of Finance. The projects will be implemented by the Ministry of Education.