Manila, November 23:
The Asian Development Bank (ADB) said here today it is extending a loan of $20 million to improve technical education and vocational training in Sri Lanka.
The loan will go to raising the quality and standards of programmes for technicians through the upgrading of six technical colleges and the strengthening of the Ministry of Skills Development, Vocational and Technical Education (MSDVTE) and other relevant institutions, the ADB said.
Additionally, the loan will help establish a University of Vocational Technology to address the shortage of technology specialists and qualified instructors for technical education, the ADB said in a statement from its headquarters in the Philippine capital.
The loan carries a 32-year term, including a grace period of eight years and an interest rate of one per cent per annum during the grace period and 1.5 per cent afterwards.