Sri Lanka’s cabinet approves MCC grant of USD 480 Million

MCC-lanka

Oct 29, 2019 (LBO) – Sri Lanka’s Cabinet of Ministers today approved the implementation of 480 million US dollars MCC grant that consists of grant funds for traffic management in Colombo, road construction Island wide, and land administration improvements covering the whole country.

These compact programmes to be funded by this project have been developed by the Sri Lankan officials of the line ministries and departments based on the needs of the country.

The Finance Ministry said in a statement, that the Sri Lankan Government has the option of amending the identified projects even after the signing of the Agreement.

Sri Lanka is the 37th recipient of such grant funds from the people of the United States of America.

“The Finance Minister will sign the agreement in the near future as it was confirmed by the Cabinet today, the implementation will begin in early 2020,” the Finance Ministry said.

“This is a great victory for the government and augurs well for the future.”

Sri Lanka began negotiation with MCC in 2001 at the direction of Prime Minister Ranil Wickremesinghe.

MCC negotiations were led by the Ministry of Finance and the MCC compact developed and finalized by the Compact Development Team of the Prime Minister’s office.