Construction of Colombo VTC and Upgrading Gampaha TC to be completed in 2018

The construction of Colombo Vocational Training Centre (VTC) and upgrading of Gampaha Technical College (TC) project financed by the Korea Eximbank is gradually gearing towards project completion in December this year. Hon. Minister of Skills Development and Vocational Training Dr. Sarath Amunugama was on a site inspection tour together with the Project Directorat Colombo VTC which is under construction bySamhee Construction and Engineering in Orugodawattaon 9th July. Korea Eximbank has been financing for this project USD 26 million at0.15% interest rate and 40 year repayment period including 10 year grace period.

After completion, Colombo VTC will conduct National Vocational Qualification (NVQ) courses on subjects such as robotics, electrics and electronics, mechatronics, welding, automotive technology, refrigeration and air conditioning, pneumatics and hydraulics. The text books for these subjects are being developed with the experts dispatched from Korean universities such as Shinhan University and Hanbat University. In addition, capacity building programs for management staffs and teachers in these two institutes are being conducted in Korea covering all the above subject areas. The workshop equipment will also be supplied and installed to these two vocational institutions within this year as well.

At a point where Sri Lanka is marching towards upper-middle income country status, this project will certainly boost the supply of better jobs for the youth by creating a skilled labor force which is vital to driving the economic growth. Furthermore, this project will bridge the gap between the labour market demand and the labour supply thereby enabling production of more skilled labourfor both local and international markets. In the long run, it will lead to providing decent and sustainable jobs required in an aspiring upper middle income economy.

The Export-Import Bank of Korea (Korea Eximbank) provides Official Development Assistance (ODA) loans through EDCF (Economic Development Cooperation Fund) for international development and cooperation. The bank provided its first ODA loan for the rehabilitation of the Colombo-Galle road (A2) in 1990. As of now, Korea Eximbank entrusted by the Korean government with the EDCF has approved USD 785.07 million for 29 development projects in Sri Lanka.

Korea Eximbank also provides financing for international trade and overseas investment, to promote bilateral economic cooperation. Since 1978, Korea Eximbank has provided US$ 386 million both for trade between Sri Lanka and Korea and for Korean companies’ foreign direct investments in Sri Lanka.