Kuwait gives US$7 m for Southeastern University

COLOMBO: The Kuwait Fund for Arab Economic Development will provide a loan of Kuwaiti Dinars 2 million (Rs. 770 million) to improve academic infrastructure through the implementation of the SouthEastern University of Sri Lanka Development Project.

This loan is provided on highly concessional terms at an interest rate of one per cent per annum and repayable in 24 years including a grace period of four years, the Finance and Planning Ministry said.

The project’s objectives is to develop the essential academic infrastructure and introduce new demand driven degree programme at the Southeastern University to reflect regional and national needs of the country and support the social and economic development in Sri Lanka.

The project will also assist to construct new buildings for the university with high quality facilities.

It would contribute to producing employable graduates and facilitate regional development and increase graduate output and attract students and staff from all ethnic groups.

The Loan Agreement for the Southeastern University of Sri Lanka Development Project Phase I was signed yesterday at the Finance and Planning Ministry by Ministry Secretary Dr. P. B. Jayasundera and Hesham Al-Waqayan, Deputy Director General, Kuwait Fund on behalf of the State of Kuwait.