Press briefing of Cabinet Decision taken on 2017-03-14

Establishment of the Millennium Challenge Corporation Project Unit

- The Millennium Challenge Corporation (MCC) is a Foreign Aid Agency of the United States of America which works towards reducing global poverty through economic growth. As a result of the discussions with the Agency, which targets long term economic development of selected countries, with a view to obtaining an opportunity of investment with it, the Agency has agreed to provide Sri Lanka with a sum of US$700 million to invest in the development of priority areas within a period of 05 years. Under this programme, it has been identified to develop the Policy Instability, Access to Land and Transport as well as infrastructure facilities of water and waste water, electricity and education in a manner suited to promote the economic upliftment of Sri Lanka. Accordingly, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister, to establish a Millennium Challenge Corporation Project Unit in the Office of the Prime Minister under the Policy Development Unit, to proceed with the activities relating to the operation of this programme in Sri Lanka, was approved by the Cabinet.