KUWAIT, 24th March, 2016 (WAM) — The Kuwait Fund for Arab Economic Development, KFAED, signed a loan agreement with Sri Lanka on Thursday for KD10 million (approx. US$34 million) to contribute to financing construction of a complex for the Faculty of Healthcare Sciences, Eastern University.

According to Kuwait News Agency, KUNA, the project aims at enhancing the socio-economic living standards of the people of Sri Lanka, through construction of the new Faculty of Health Care Sciences in Batticaloa City, and provision of quality health care services to the community, KFAED said in statement.

The venture includes construction and equipment of the main building, various service structures, internal feeder roads, furniture, research, medical and technical equipment and internet services. It also includes consultancy services for detailed designs, tender documents and supervision of construction. The project is expected to be completed by the end of 2019.

The loan agreement was signed on behalf of the Republic of Sri Lanka by Secretary to the Ministry of Finance, RHS Samaratunga, and on behalf of the Fund by Deputy Director-General of the KFAED, Hesham Al-Waqayan, in the attendance of the Ambassador of Kuwait to Sri Lanka, Khalaf Bu Dhhair, and the Regional Manager for East South Asian and Pacific Countries of Kuwait Fund, Waleed Al-Bahar.

KAFED has previously extended 13 loans to Sri Lanka, totaling about KD 62.66 million (US$ 213 million).

The fund has also extended technical assistance to Sri Lanka, valued at KD455, 000 (USD 1.52 million), to finance technical and economic feasibility studies for projects in the agricultural and energy sectors.