US $ 100 m Korean projects in the pipeline
Sanjeevi JAYASURIYA
Korea has been providing Official Development Assistance (ODA) to Sri
Lanka since 1991 and looking forward to continue its support in
identified sectors of development.
The Korean Government has provided economic cooperation worth US $
0.5 billion and many projects have been undertaken covering wide
spectrum of sectors. There has been equal number of projects based on
grants and concessionary loans with low interest rates, Embassy of the
Republic of Korea Counsellor Wie Young Ha told Daily News Business.
There are several projects to the tune of over US $ 100 million on
the pipeline. There has been 33 percent increase on the Korean
assistance over the years, he said.
The 2009 – 2012 $ 200 million agreement will be ending this year and
new framework will be in place covering 2013 to 2015 for same amount of
funding. The possibilities are looked in to further expand the
assistance. Korea is concentrating on setting up country specific
partnerships where the draft is already given to Ministry of Finance.
The revised proposals will be submitted where necessary.
“We are aiming at meeting the demand of the respective grant. The
success of the ODA is mainly depends on supporting the areas where there
is a demand. The first principle is to respect the demand on the ground.
Korea will contribute to balanced development in Sri Lanka in keeping
with the government’s policies,” he said.
We will focus on few priority areas which are currently been
discussed. These areas include infrastructure on road connectivity,
environment on water supply and management and education of technical
and vocational and governance.
Korea will continue to support the fast track development of Sri
Lanka and will also enhance investment to the country in future, the
counsellor said.
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