US Millennium Challenge Corp approves US$480mn grant to Sri Lanka
ECONOMYNEXT – The Millennium Challenge Corporation (MCC), a U.S. government aid agency, has approved a grant of 480 million US dollars to Sri Lanka, the biggest grant funding ever received by the island, the finance ministry said.
It said in a statement the grant was approved by MCC at its board meeting held on the 25th of April 2019 in Washington D.C.
Sri Lanka will get the grant for three projects in the transport and land sectors to be completed within a period of five years.
The MCC has done an evaluation in terms of their investment criteria on the request of Prime Minister Ranil Wickremesinghe and selected Sri Lanka as a qualified country to receive grant funding under their Compact Investment Program.
A special Transport Development Program covering the Colombo Metropolitan area aims to reduce traffic congestion by improving flow rate, reduce travel time, reduce traffic emission and reduce accidents combined with the Bus Transport Service Modernization program including private and public sector transport service.
Under transport development, a 131 km road network on the Central Ring Road connecting Sabaragamuwa, Uva, Eastern, North Central and Wayamba Provinces to the Colombo markets and export hubs will be improved.
Improvement of land administration processes also will be done in 08 districts, improving the land valuation system, upgrading 10 land registries and preparing ‘Parcel Fabric Maps of all state and private land to facilitate the activities of the Survey Department.
(COLOMBO, April 26, 2019-SB)