Sri Lanka Signs Loan Agreement with Kuwait to Borrow Rs. 6.6B Loan for the Setting Up of New Medicine Faculty at University of Moratuwa

A medical faculty is to be established at the University of Moratuwa to support the human capital, social & economic development of Sri Lanka, by improving the quality and access to higher education in Medical Sciences and to address the needs of medical services professionals in the
country.

The Kuwait Fund for Arab Economic Development (KFAED) has agreed to provide a loan of Kuwaiti Dinars 10 million (approximately Rs. 6,600 million) to construct and equip the Faculty.

Subsequently, the Loan Agreement pertaining to the above loan was signed on 03rd February 2022 at the Ministry of Finance, Colombo with the participation of Hon. Basil Rajapaksa, Minister of Finance and H.E.Mr..Khalaf M.M.Bu Dhhair, Ambassador of the State of Kuwait and the Agreement was signed by Mr.S.R. Attygalle, Secretary, Ministry of Finance on behalf of the
Government of Sri Lanka and Mr. Nedhal A. Al-Olayan, Deputy Director-General on behalf of the KFAED.

The faculty is planned to be established nearby the teaching hospital in Nagoda, Kalutara. The project comprises of construction of new buildings complex, other infrastructure facilities for the Faculty of Medicine, and supply of educational furniture & tools, laboratory equipment and
related other goods.

The Project will be executed by the Ministry of Education during the period of 2022-2026.