Cabinet approves establishment of Millennium Challenge Corporation Project Unit in SL

Cabinet approves establishment of Millennium Challenge Corporation Project Unit in SL

Written by Keshala Dias

15 Mar, 2017 | 8:39 pm

The cabinet of ministers granted approval to establish a Millennium Challenge Corporation Project Unit in the country, which is an office that comes under the USAID programme.

The unit will function under the Policy Development Office of the Prime Minister’s office.

The Millennium Challenge Corporation is an agency that provides US foreign aids for minimising poverty worldwide.

The unit has agreed to provide an investment of USD 700 million to develop the fields of policy instability, access for lands and transport, water and waste water infrastructure, electricity and education for the economic progress of Sri Lanka within the next five years.

Meanwhile, the future trade plans of the government were revealed at this press conference.

State Minister of International Trade Sujeewa Senasinghe noted that the Chinese President is trying to recommence the Silk Route, where Sri Lanka will become its south gate.

“The most important matter is that India will receive and economic growth of approximately 6% and China will receive and economic growth of 7%, which means that these two countries will be the emerging economies in the world, he said, “When we reach an agreement with both these countries, both their markets will open up to us. It will be more beneficial for us”.

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