Korea has agreed to loan Sri Lanka USD 30mn

Korea has agreed to loan Sri Lanka USD 30mn

The government of South Korea has agreed to give a concessional loan of USD 30 million (Approximately Rs.5.46 billion) to establish a National Center of e-Content Development for Computer-Assisted Teaching in Sri Lanka.

Issuing a statement, the Finance Ministry said the signing of the Loan Agreement pertaining to the project took place today at the Ministry. Loan Agreement was signed by Dr. R H S Samaratunga, Secretary, Ministry of Finance.

The objectives of the proposed project are to improve ICT teaching and learning environment for secondary education in Sri Lanka. Among other goals of the project are to enhance teachers’ ICT education capacity and provide equal opportunity for education for every student, including those living in rural areas.

The projects would be implemented 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 a 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 content, and the content will be shared among teachers and students through e-Thaksalawa, and other training programs currently in operation.

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 year will be 0.15% with a repayment period of 40 years, including a grace period of 10 years.