South Korea boosts funding for new Sri Lanka Ocean University by 60%

The initial outlay on Sri Lanka’s largest vocational skilling project announced on August 28 has now increased by a huge 60% from its first value.

“Due to some important revisions and re-assessments on ground, the project value has been boosted by another US $ 30 million to total at US $ 80 million. This is a very large project” Daekyoo Park, the Country Director of Korea Exim Bank EDCF Colombo Office said.

Country Director Park, who was leading his team to discuss about various cooperation projects by South Korea in Sri Lanka, said so at a meeting with Sri Lankan Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training (ICTPDPCDSDVT) Rishad Bathiudeen during the review meeting held at Colombo’s Industry and Commerce Ministry on September 26.

 Minister Bathiudeen, as the Sri Lankan Minister of Skills Development & Vocational Training, first announced the plan to set up a fully-fledged Ocean University in Sri Lanka with Korean support on August 21, when he addressed the launch of the modernised Gampaha Technical College (GTC) -also supported by South Korea- under his Ministry. “The Ocean University we have at present is not a complete university. We are planning to set up a fully-fledged Ocean University at a cost of US $ 50 million. We will be able to start work on it in the coming weeks” Minister Bathiudeen said on August 28.

At the September 26 meeting, Korea Eximbank Country Director Park revealed: “The Draft Masterplan that was formulated with stakeholders in September 2018, will be finalised and be ready very soon. The basic structures and course designs of the Ocean University have also been agreed upon. The location of this new University will be at Mattakkuliya. Another Ocean Training facility is also located at present in Mattakuliya just a few blocks away from this chosen land but the main University will be constructed on the best location for it-that is, at the estuary of Kelani River in Mattakkuliya. Due to some important revisions and re-assessments on ground, the project value has been boosted by another US $ 30 million to total at US $ 80 million (Sri Lanka Rs 14.5 billion!).