Press briefing of Cabinet Decision taken on 2017-03-21

Accelerating Higher Education Expansion and Development (AHEAD)

- A project named 'Accelerating Higher Education Expansion and Development' has been designed with a view to increasing the enrollment to higher education in priority areas for economic development being Science,Technology, Engineering and Mathematics, improving the quality of higher education and the promotion of innovative, research and development activities. The project will be implemented during the period 2017 - 2022 and the International Development Association has agreed to grant a credit of Special Drawing Rights being the equivalent to US$ 33 million and a credit facility of US$ 67 million by the International Bank for Reconstruction and Development. Accordingly, the proposal made by Hon. Ranil Wickramasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs to conduct negotiations to obtain the loan facilities concerned and enter into loan agreements, was approved by the Cabinet.