Press briefing of Cabinet Decision taken on 2012-08-22

Project for the Establishment of Colombo Vocational Training Center and Gampaha College of Technology

- the Economic Development Co-operation 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 $26,046,000 to finance the above project . The objective of the project is to establish two Vocational Training Centres with modern technological facilities in Colombo and Gampaha. This project is to provide facilities to the youth to gain the knowledge and skills necessary to meet the domestic as well as international demands, which in turn would increase job opportunities, contributing to the growth of the economy in the country. The proposal made by H.E. the President in his capacity as the Minister of Finance and Planning, to enter into the relevant loan agreement with the EDCF of the Exim Bank of Korea, for the above purpose, was approved by the Cabinet.