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Hyeog Yim and and Dr. P.B. Jayasundera signed
the agreements
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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 today in a release. 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.
