- Last Update 2024-07-18 18:46:00
Cabinet approves Millennium Challenge Corporation Grant of USD 480 Million
Cabinet today (Oct 29) granted approval for the implementation of the US$ 480 million Millennium Challenge Corporation (MCC) grant.
A proposal to this effect was put forward by Finance Minister Mangala Samaraweera. The grant's funds are towards traffic management in Colombo, Road Construction islandwide, and land administration improvements covering the whole country, a statement from the Finance Ministry said.
The programmes to be funded under this project were developed by respective officials of the line ministries and departments based on the needs of the country.
The Sri Lankan Government has the option of amending the identified projects even after the signing of the agreement, the statement said, adding, that Minister Samaraweera will sign the agreement in the near future while implementation will begin in early 2020.
Sri Lanka is the 37th recipient of such grant funds from the people of the United States of America.
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