The agreement on the Millennium Challenge Corporation (MCC) grant of US$ 480 million is likely to be signed before the 16 November Presidential election.
Speaking at a media briefing today Prime Minister Ranil Wickremesinghe said that since the cabinet has approved the deal it will be signed before the election.
The Cabinet had yesterday approved the Millennium Challenge Corporation grant of US$ 480 million.
Finance Minister Mangala Samaraweera had submitted a proposal on the grant to the cabinet and it was approved.
Earlier, President Maithripala Sirisena had said that he will not approve the deal after the 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 in Sri Lanka. The US rejected the claims.
The Finance Ministry said that the Sri Lankan Government has the option of amending the identified projects under the deal even after the signing of the Agreement. (Colombo Gazette)