The United States yesterday said it was looking forward to the implementation of the $ 480 million Millennium Challenge Corporation (MCC) Compact with the Sri Lankan Government following the 16 November Presidential Election and due parliamentary approval.
“With Presidential Elections approaching, the United States anticipates working toward grant signing and parliamentary approval with the Government of Sri Lanka after 16 November,” the US Embassy said in a statement, outlining the next steps towards the MCC program.
“Per our policy – applied in all 29 partner countries – the Sri Lankan Parliament will have the opportunity to review and approve the grant. The United States looks forward to continuing our partnership with Sri Lanka and to supporting its efforts to reduce poverty through economic growth,” it added.
The statement reiterated that the US welcomed the decision of the Cabinet of Ministers to approve the $ 480 million MCC development assistance grant. Sri Lanka requested this support, which is expected to benefit at least 11 million Sri Lankans through the funding of government- and private sector- identified needs.
“The programs supported by this grant will reduce traffic congestion, improve public transportation in Colombo, upgrade provincial roads, and expand existing Government of Sri Lanka initiatives to improve land administration and strengthen the land rights of Sri Lankans. The Government of Sri Lanka has posted the draft of the grant agreement on the Ministry of Finance website, where it is available for the people of Sri Lanka to review. The United States will not own or lease any land under this development assistance grant. Sri Lanka will oversee and manage all grant-funded projects throughout the implementation of the five-year grant assistance agreement,” the US Embassy statement added.