Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Millennium Challenge Corporation grants Sri Lanka additional US$ 2.6 mn to continue progress on compact development
Wed, Jun 13, 2018, 06:35 pm SL Time, ColomboPage News Desk, Sri Lanka.

June 13, Colombo: The U.S. Government's Millennium Challenge Corporation (MCC) Managing Director for Europe, Asia, Pacific, and Latin America Caroline Nguyen visited Sri Lanka from June 11 to 13 to advance the development of the proposed MCC compact - a large-scale five-year grant program.

The U.S. government is developing this compact in partnership with the Government of Sri Lanka for the specific purpose of reducing poverty and promoting economic opportunity for Sri Lankans. MCC is an innovative foreign assistance agency of the United States Government established in 2004 that has signed compacts with 29 countries around the world.

During the visit, MD Nguyen joined U.S. Embassy Deputy Chief of Mission Robert Hilton at the Ministry of Finance to sign an agreement to provide an additional 413 million rupees (USD 2.6 million) grant to finalize compact development. Secretary to Treasury and the Ministry of Finance and Mass Media Dr. R. H. S. Samaratunga signed the grant agreement on behalf of the Sri Lankan government.

This amount supplements the 1.2 billion rupees ($7.4 million USD grant) that MCC provided last July to support feasibility studies needed to develop a high-quality, evidence-based and sustainable program and is in addition to the final grant amount that MCC will provide for the compact.

MD Nguyen also met with senior government officials, including the State Minister for Finance, Eran Wickramaratne; and the Minister for Highways and Roads, Kabir Hashim.

Deputy Chief of Mission Robert Hilton said the Millennium Challenge Corporation compact is an important part of the U.S. government's commitment to work as partners with the people of Sri Lanka to support sustainable development throughout the country.

"We are pleased to partner with Sri Lanka on a program that will reduce poverty through economic growth and improve lives in the country," Nguyen said. "This additional funding will support the final stage of compact development and help ensure that the program will have the transformative impact that MCC and the government collectively seek."

The proposed MCC compact is in the final stages of development and is expected to be presented to MCC's Board of Directors for approval by late 2018. MCC will fund the compact entirely through grants which do not need to be repaid rather than loans.

Based on an analysis of Sri Lanka's economy and the constraints that are holding back private investment and growth, MCC expects to invest in projects proposed by the Government of Sri Lanka in the transport and land sectors. The proposed compact seeks to reduce urban traffic congestion, improve interregional movement of goods and people, and support government initiatives to strengthen land administration.

In December 2016, MCC's Board of Directors selected Sri Lanka to develop a compact. Sri Lanka became eligible for assistance after passing 13 out of 20 indicators on MCC's policy scorecard.

 

ColomboPage - Recent 10 Stories ::
Sri Lanka government ministries, UNICEF propose increased investment in Early Childhood Development
-- [7 minutes ago]
World Bank, Sexual Violence Research Initiative launch 2018 call for proposals for innovation in addressing gender-based violence
-- [29 minutes ago]
EU joins Canada and Norway to oppose Sri Lankan government's decision to reinstate death penalty
-- [45 minutes ago]
Police arrest five people in Trincomalee with a high-powered metal scanner
-- [8 hours ago]
Law will be strictly enforced against errant traders arbitrarily raising prices - Finance Minister
-- [8 hours ago]
Sri Lanka BOI says investment projects worth over $16 bn under discussion with Singapore
-- [9 hours ago]
Sri Lanka to launch National Export Strategy this week to strengthen exports
Fisheries Ministry provides over Rs. 440,000 to bring Sindur-2 fishermen back
Sri Lanka President arrives in Rome to attend the 24th COFO & 6th World Forest Week
Rs. 17 million worth Heroin found in Serunuwara

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.