Cabinet approves several moves to expand higher education sector
Cabinet approved the upgrading of existing Siddha Medicine Units to Faculties of the University of Jaffna and Trincomalee Campus Eastern University of Sri Lanka.
A report was called from the University Grants Commission on whether there are sufficient academic and staff facilities for the proposal to upgrade Siddha Medicine Units to Faculties. The Education Minister explained that the UGC report confirmed that there were sufficient human and physical resources to convert the Units to Faculties.
Accordingly, the Cabinet of Ministers approved the necessary steps to be taken for the upgrade.
Cabinet also approved the proposal to facilitate students to pursue degree courses in non-State higher educational institutions under the Interest-Free Student Loan Scheme.
Cabinet approval was granted on April 4, 2017 for the implementation of a project to provide interestfree loan facilities to students – who do not meet the cut-off mark for admission to State universities – to pursue degree courses in non-State degree awarding, recognised institutions.
Five batches of students have benefited under the programme so far, and students eligible for the sixth group have been identified by now. Accordingly, the Cabinet of Ministers approved the proposal presented by the Education Minister to continue the InterestFree Student Loan Scheme following the existing method, and to facilitate 5,000 students in the seventh group under it.
The Cabinet also approved a proposal on the conversion of the National Institute of Business Management (NIBM) into a company limited by guarantee.
NIBM was established under the provisions of National Institute of Business Management Law No 23 of 1976, and the National School of Business Management (NSBM) was established as a company controlled by the institute.
The institute is now established in Homagama as a modern university that offers undergraduate and postgraduate degrees. More than 11,500 students are studying in this institution, which has more than 50 degree courses under 5 faculties.
It was decided that if a structure similar to the structures of the leading educational institutions in the world is adopted for this institution, it will be able to carry out the operations of the institute in a more effective manner in accordance with international standards.
Accordingly, the Cabinet of Ministers approved the proposal presented by the Education Minister to take necessary steps to change the registration of the institution into a company limited by guarantee in accordance with the provisions of Section 32 of the Companies Act No 07 of 2007 so that necessary changes can be made.