Sri Lanka is to receive US$ 480 million compact from the Millennium Challenge Corporation (MCC) for several infrastructure development projects, especially in the transport and land sectors.
The MCC assured Sri Lankan President Maithripala Sirisena of the grant assistance when the MCC Chief Operation Officer Brock Bierman called on President Sirisena, who is in New York attending the United Nations General Assembly, on Monday.
Mr Bierman said that he would obtain the approval of the MCC Board of Directors and the US Congress shortly, so that the agreement with Sri Lanka government could be signed by December 2018 in Colombo. He invited President Sirisena to grace the signing ceremony in Colombo.
The grant will be utilized for several development projects including transport infrastructure development, road development, bus modernization, control of traffic congestion and traffic management.
Minister of Megapolis Development, Champika Ranawaka, who was present at the meeting said that a pilot project on transport regularization with MCC assistance would be implemented in Kandy shortly. He said that the bus services will have to be regularized for improving facilities to urban commuters.
Foreign Minister Tilak Marapana thanked the MCC for the grants extended to Sri Lanka and assured Mr Bierman that the government would facilitate the smooth implementation of the proposed projects.
