US provides US$ 480 million grant to Sri Lanka to assist in its development programme
The United States (US) is to provide a US$ 480 million grant to Sri Lanka for several development projects.
Chief Operations Officer (COO) of US Government-owned Millennium Challenge Cooperation (MCC) Brock Biermanon has reportedly given this assurance to President Maithripala Sirisena on 24th September when he called on the President at the Lowes Regency Hotel in New York.
Bierman has reportedly said that he would obtain the approval of the MCC Board of Director and the US Congress shortly and that the agreement with the Sri Lankan government could be signed by December in Colombo.
The COO of the MCC has invited President Sirisena to attend the signing ceremony in Colombo.
The grant will be utilized for several development projects, including transport infrastructure development, road development, bus modernization, control of traffic congestion and traffic management.
Minister of Megapolis Development in Sri Lanka, Champika Ranawaka, who was present at the meeting, has said that a pilot project on transport regularization with MCC assistance would be implemented in Kandy shortly. He said that the bus services would have to be regularized to improve facilities to urban commuters.
OSL take:
The latest commitment by the US to offer US$ 480 million to Sri Lanka in support of its development agenda shows the growing ties between the two countries. Sri Lanka already enjoys US GSP trade concession, which has helped boost Sri Lankan exports to the US. The close link between Sri Lanka and US is an encouraging sign for businesses in both nations since they would look at forming successful business/trade partnerships. Also, US businesses could also explore opportunities in taking part in Sri Lanka’s development programme.
| Article Code : | VBS/AT/20181001/Z_4 |