The Millennium Challenge Corporation of the US Government has approved a grant of USD 480 million to Sri Lanka at its board meeting held on the 25th of April 2019 in Washington D.C. subject to Congressional Notification, the Finance Ministry said today.
On a request made by Prime Minister Ranil Wickremesinghe, the MCC has conducted an evaluation in terms of their investment criteria and selected Sri Lanka as a qualified country to receive grant funding under their Compact Investment Program.
Under this grant, Sri Lanka will receive USD 480 million for 03 main projects to be completed within a period of 5 years i.e. a special Transport Development Program covering the Colombo Metropolitan area to reduce the 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, improving 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.
Further, improvement of Land Administration process also will be done in 08 districts, improving the land valuation system, upgrading 10 Land Registries and preparation of Parcel Fabric Map of all state and private land to facilitate the activities of the Survey Department.