Lankapage Logo CP 17 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* U.S. Millennium Challenge Corporation Selects Sri Lanka for 5-Year Grant Compact
Thu, Dec 15, 2016, 06:28 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 15, Washington, D.C.: At its quarterly meeting on December 13, 2016, the Millennium Challenge Corporation (MCC) Board of Directors selected Sri Lanka, Burkina Faso and Tunisia for new MCC compacts - five-year grants - to encourage economic growth and reduce poverty, the U.S. Embassy said in a release.

"MCC's considerable support is a major boost to our six decades of development partnership with the people of Sri Lanka," said U.S. Ambassador to Sri Lanka Atul Keshap.

For a country to be selected as eligible for MCC assistance, it must demonstrate a commitment to just and democratic governance, investments in its people, and economic freedom, as measured by third-party policy indicators on MCC's annual scorecard.

"By partnering with developing countries that meet rigorous standards for good governance, from fighting corruption to respecting the rights of women and the rule of law, we are maximizing our ability to fight poverty and transform people's lives," MCC Chief Executive Officer Dana J. Hyde said.

Sri Lanka, which was selected in December 2015 for a threshold program, will now transition into the compact program after showing continued improvement on its scorecard, including demonstrated progress on democratic rights. Tunisia is also new compact partner for MCC, while Burkina Faso successfully completed its first MCC compact in July 2014 and has demonstrated clear policy improvement on its scorecard since the election of its new government in 2015.

In both Sri Lanka and Burkina Faso, the Board recommended that MCC explore investments that address obstacles to economic growth - both domestic and regional - while recognizing the need for statutory authority to optimize regional impact.

 


ColomboPage - Recent 10 Stories ::
SLMC decides not to accept ministerial posts until issues are resolved
-- [3 hours ago]
PM says new legislation will be introduced to prevent terrorism
-- [4 hours ago]
Ava member killed in clash with police
UNF to present a new alliance to contest presidential polls on August 5
Postal workers to take trade union action from midnight today
Visiting UN Special Rapporteur appreciates Sri Lanka's quick recovery from Easter Sunday attacks
EFL becomes first Sri Lankan company to acquire membership in Green Freight Asia
Sri Lanka PM rejects claims by Bar Association on SOFA agreement with US
Police arrest man transporting 203 kg of Kerala Cannabis
Sri Lankan fishermen distressed in international waters due to bad weather allowed to reach Maldives

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.