The Millennium Challenge Corporation (MCC) of the US Government has approved a grant of USD 480 million to Sri Lanka at its board meeting in Washington last week, subject to Congressional notification.
On the request of 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 US $ 480 million for three main projects to be completed within five years i.e. a special Transport Development program covering the Colombo metropolitan area to reduce traffic congestion by improving flow rate, reduce travel time, reduce traffic emission and reduce accidents combined with the Bus Transport Service modernisation program including private and public sector transport services.
Under transport development, improving the road network (131 km) on the Central Ring Road connecting Sabaragamuwa, Uva, Eastern, North Central and Wayamba Provinces to the Colombo markets and export hubs.
Improvement of the land administration process will also be implemented in eight 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.