China Eximbank provides $76 million buyer’s credit loan for Relocation and Development of Institute of Technology, University of Moratuwa

In November 2011, Sri Lanka’s Ministry of Higher Education entered into a contract with the China National Aero Technology Import and Export Corporation (CATIC) to carry out a project for the relocation and development of the Institute of Technology of the University of Moratuwa. China Eximbank agreed to provide a loan of $76.1175 million buyer’s credit loan (BCL) for the project. The total cost of the new complex for the Institute of Technology of the University of Moratuwa (ITUM) at Diyagama, Homagama was $89.55 million (Rs 11.7 billion), and China Eximbank agreed to provide 85% of the funding required. Thus, China Eximbank’s estimated contribution = $89.55 million * 0.85 (or $76.1175 million). The BCL carried the following terms: 15-year maturity and 3-year grace period. The goal of the project was to increase student intake from 1050 to 3000 students annually and help middle level skilled technicians. The new ITUM complex was be relocated to Diyagama, Homagama. Lecture rooms, laboratories, workshops, libraries, administrative complexes, medical rooms, hostel facilities, and playgrounds were among the sections which will be developed. Under the project, the institute was to be provided with the required equipment, computers and machinery, along with training of the staff. However, the Government of Sri Lanka eventually abandoned its plan to implement the project with CATIC and China Eximbank financing. It ultimately completed the project with support from the International Construction Consortium (ICC).

Additional details

The Institute of Technology of the University of Moratuwa (ITUM) is located in Diyagama. Detailed locational coordinates for the Institute of Technology of the University of Moratuwa (ITUM) can be found at https://www.google.com/maps/place/Institute+of+Technology,+University+of+Moratuwa/@6.8081429,79.9931164,15z/data=!4m5!3m4!1s0x0:0x8b5a42ec8bb36159!8m2!3d6.8081429!4d79.9931164.

Number of official sources

11

Number of total sources

14