The United States appreciated Sri Lanka’sdecision to approve the much delayed Millennium Challenge Corporation (MCC)grant of USD 480 million.
The US Embassy in Colombo announced that underthe agreement, Sri Lanka will retain oversight and control of all aspects of theproposed projects.
The Embassy said the grant includes investmentsto reduce traffic congestion in Colombo, modernize the bus service, and upgrade inter-provincial roads in the center of the country.
It also includes support for the government'sinitiatives to improve land administration.The Cabinet of Ministers yesterday approved the MCC grant of US$ 480 million, the largest grant ever received.
Earlier, President Maithripala Sirisena had blockedthe MCC grant passage in cabinet saying that he will not approve the deal assome of the main opposition had raised concerns over the agreement.
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