Mar 08, Colombo: A Singapore-based private education provider has agreed to invest US$ 20 million (S$ 25 million) over five years to set up a private university in Sri Lanka.

Raffles Education Corporation of Singapore has announced Friday that its wholly-owned subsidiary, Raffles Assets (Private) Limited, has signed an investment agreement with Sri Lanka's Board of Investment to establish Raffles University Sri Lanka.

The Singapore company has said that it received approval from Sri Lanka's Ministry of Higher Education.

Chairman and CEO of Raffles Education Corp has said that Sri Lanka is an emerging market filled with opportunities and with economic growth, there will be increased demand for university education.

Raffles Education Corporation is the largest private education group in Asia-Pacific and currently operates 33 colleges in 30 cities across 13 countries, offering a broad-based education in diverse disciplines.