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USD50mn from Saudi Fund for new Medical Faculty in Sabaragamuwa University

Saudi-fund-sabaragamuwa Saudi Fund for Development (SFD) has agreed to provide a concessional loan amounting to Saudi Riyal 187.5 Million (USD 50 mn) to establish a Medical Faculty in the University of Sabaragamuwa.

The Finance Ministry said in a statement that the balance 20.46 million dollars will be borne by the government.

Accordingly, the Loan Agreement was signed today at the Finance Ministry by Dr. R.H.S. Samaratunge, Secretary to the Ministry of Finance on behalf of Sri Lanka and Dr. Khaled Sulaiman Alkhudairy, Vice Chairman & Managing Director on behalf of the Saudi Fund for Development.

The Government has already approved the establishment of the Faculty of Medicine at Sabaragamuwa University and has allocated necessary funding through the budgetary allocations of the year 2017. Further, the first batch of students for the Medical Faculty has been enrolled.

The total amount of loans extended by the SFD as at the end of 2018 was 386 million US dollars. The priority areas of the SFD assistance are; Road, Health, Irrigation & community Development sectors, Higher Education.

Courtesy – LBO

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