The Millennium Challenge Corporation (MCC) of the US Government has approved a grant of US$480 million to Sri Lanka at its board meeting held on April 25, 2019 in Washington DC, subject to Congressional Notification, the Finance Ministry said in a statement.

On the request of Prime Minister Ranil Wickremesinghe, the MCC has done 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 is getting a US $ 480 million for three main projects to be completed within a period of five years i.e. a special Transport Development Program covering the Colombo Metropolitan area to reduce the traffic congestion by improving flow rate, reduce travel time, reduce traffic emission and reduce accidents combined with the Bus Transport Service Modernization program including private and public sector transport service.

Under transport development, improving 131 KM road network on the Central Ring Road connecting Sabaragamuwa, Uva, Eastern, North Central and Wayamba Provinces to the Colombo markets and export hubs.

Further, improvement of Land Administration process also will be done 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.