Saturday, April 13, 2024
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Middle East Partners pledge to continue  project funding

Sri Lanka’s Middle East Partners are fully committed to support the island nation but the government should be cautious in handling sensitive issues without deviating from the country’s impartial foreign policy, several experts on foreign relations suggested.

The government is now not in a position to fully adhere to its non aligned policy as it has given priority to overly personalised foreign policy and economic diplomacy.

However The island nation should be vigilant in maintaining a foreign policy to safeguard the country’s interests and to achieve its goals, such as economic prosperity and welfare of the citizenry, within international background, they said.

Middle Eastern Partners of the country have already stepped in to assist several high magnitude development projects providing funds of millions of dollars.

They will be finalizing several financing agreements for such projects this year and the government should expedite the conclusion of all necessary procedures official sources said.

Rehabilitation of the US$40 milllion A017 Road Corridor Project (Rakwana - Suriyakanda) is on the pipe line for implementation with US$ 40 Mn funding.

The project will augment the capacity of 18.0 km of a critical section of an ‘A’ class corridor connecting the Southern Province to the Sabaragamuwa Province.

Middle Eastern Partners will provide $ 50 Mn for the establishment of Faculty of Medicine, University of Sabaragamuwa to increase the admission of more student to medical faculties in the country.

In addition to these projects, a proposal of the establishment of the Medical Faculty at University of Moratuwa has been forwarded to the Kuwait Fund For Arab Economic Development( KFAED) and total cost of the project is Rs. 8,011 million (approximately KWD 15 million).

Moreover, project proposal of the Construction of Center Excellence Fourteen Storied Multi-Tasking Building at Teaching Hospital Peradeniya has forwarded to the OPEC Fund for International Development (OFID and total cost of the project is Rs 7,950 million (approximately USD 46 million).

Since, there is a continued close collaboration and very cordial partnership between two countries, Saudi Fund for Development ( SFD) has agreed to provide more financial assistance to enhance the economic development of Sri Lanka by implementing development projects for the benefit of the people of Sri Lanka.

It has expressed willingness to assist several other projects including Epilepsy Hospital and Health Centers Project, Kalu Ganga Development Project,Road Network Development Project, Badulla – Chenkaladi Road Improvement Project, Left Bank Development Project in Kalu Ganga ad Wayamba University Township Development Project.