Cabinet approves USD 480 million MCC grant

(FASTNEWS | COLOMBO) – The Cabinet of Ministers yesterday approved the implementation of the US$ 480 million Millennium Challenge Corporation (MCC) grant.

This consists of grant funds for traffic management in Colombo, road construction islandwide and land administration improvements.

Over 30 countries are recipient of such grant funds from the people of United States of America.While the agreement can be signed early as confirmed at Cabinet, the implementation will begin in early 2020.

Sri Lanka began negotiations with MCC in 2001 under Prime Minister Ranil Wickremesinghe.The MCC negotiations then were led by the Finance Ministry and the MCC compact was developed and finalised by the Compact Development Team of the Prime Minister’s office.