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Korea provides Rs.7.5 bn. for several development initiatives

The Government of Korea has agreed to provide financial assistance of Rs.7.5 bn for various development initiatives, having considered their relative importance and expected long term benefits hrough its  Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank).
Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea will provide a sum of Rs 3.3 bn (Approximately USD 26.05) 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 objective of the project is 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 labour 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.
Realizing the importance of a comprehensive waste management system in controlling deteriorated environment conditions around roadsides, swamps, and lowlands the Government is implementing  “Pilisaru” (which means recycling resources in Sinhalese) integrated sustainable waste management programme (ISWMP) to reinforce the waste management capacity of provincial Governments and other environment related organizations. Construction of Solid Waste Disposal Facility Project has been identified under the above programme.
The objective of this project is to implement effective solid waste management system in selected areas in Kalutara, Galle, Anuradhapura and Kandy Districts by constructing sanitary landfill facilities to minimize environment pollution and preserve comfortable urban atmosphere for the living residence. At the same time the project will be expected to increase percentage of the recyclable materials, decreasing of waste volume being sent to land fill by composting organic waste and saving budget.
Economic Development Cooperation (EDCP) of the Export-Import bank of Korea has agreed to provide financial assistance of Rs. 4.2 bn (Approximately USD 33.54) for the above development initiative (The total cost of the project is USD 41.8 mn). The project will be implemented by Central Environmental Authority under the guidance of Ministry of Environment and Renewable Energy.
These Loans are provided at an interest rate of 0.15% per annum with a repayment period of 40 years including a grace period of 10 years.
Signing of Agreements pertaining to the above two projects took place at the Ministry of Finance and Planning.  Mr. Seong-Hyeog Yim, Executive Director of the EDCF and P B Jayasundera, Secretary, Ministry of Finance and Planning signed the Agreements on behalf of the Export – Import Bank of Korea, and the Government of Sri Lanka respectively.

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