The United States appreciated Sri Lanka’s decision to approve the much delayed Millennium Challenge Corporation (MCC) grant of USD 480 million.
The US Embassy in Colombo announced that under the agreement Sri Lanka will retain oversight and control of all aspects of the proposed projects.
The Embassy said the grant includes investments to reduce traffic congestion in Colombo, modernize bus service, and upgrade interprovincial roads in the center of the country.
It also includes support for Sri Lanka Government initiatives to improve land administration.
The Cabinet of Ministers yesterday approved the Millennium Challenge Corporation (MCC) grant of US$ 480 million.
The cabine proposal was submitted by Finance Minister Mangala Samaraweera and it was approved by the cabinet amidst lenient protests of the president.
Earlier, President Maithripala Sirisena had blocked the MCC grant passage in cabinet saying that he will not approve the deal as main opposition had raised concerns over the agreement.
There had been concerns that under the proposed MCC deal the US will gain control over land administration in Sri Lanka.
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