US’ Millennium Challenge Corporation approves biggest grant funding of $ 480 m for SL

The Government yesterday said that Millennium Challenge Corporation (MCC) of the US Government has approved a grant of $ 480 million to Sri Lanka for three main projects to be completed within a period of five years.

“Amidst the gloom, the MCC has approved the biggest grant fund ever received by Sri Lanka at its Board meeting held on 25 April in Washington subject to Congressional notification,” Finance Minister Mangala Samaraweera told journalists in Colombo yesterday.

He said on request made by Prime Minister Ranil Wickremasinghe, the MCC has done and evaluation, in alternative of their investments criteria and selected Sri Lanka as a qualified country to receive grant funding under ‘Compact Investment Program’.

According to the Minister the funding is granted for three main projects to be completed within a period of five years.

“A special transport development program covering the Colombo metropolitan area to reduce the traffic congestion by reduced travel time, traffic emissions, and accidents combined with the bus transportation service modernisation program including private and public sector transportation service,” he added.

Samaraweera also said under transport development, a 131 kilometre road network on Central wing road connecting Sabaragamuwa, East, North Central, Central and Wayba provinces to Colombo markets and export hub will be developed.  

Further he said improvement on land administration process also will be done in eight districts. “This will include the land valuation system, upgrading 10 land registries and preparations of parcel fabric map of all State and private land to facilitate the activities of Survey Department,” the Minister pointed out. (CdeS)