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 official visits Sri Lanka to continue progress on Compact
Thu, Sep 20, 2018, 12:22 pm SL Time, ColomboPage News Desk, Sri Lanka.

Sept 20, Colombo: A delegation from the U.S. Government's Millennium Challenge Corporation (MCC), led by Chief Operating Officer Jonathan Nash, visited Sri Lanka this week to continue progress on the proposed MCC compact - a large-scale five-year grant program.

MCC is developing the compact in partnership with the Government of Sri Lanka to promote inclusive economic growth that will benefit Sri Lankans.

During the visit, COO Nash met with senior government officials, including Prime Minister Ranil Wickremesinghe, Minister of Finance Mangala Samaraweera, State Minister of Finance Eran Wickramaratne, and Foreign Secretary Prasad Kariyawasam.

The proposed MCC Sri Lanka Compact is in the final stage of development. The compact is expected to be negotiated with the Government of Sri Lanka in the coming weeks. MCC will fund the compact entirely through grants which do not need to be repaid rather than loans.

"The proposed MCC compact reflects our commitment to development projects that make economic sense and drive growth in a way that increases local jobs," said Chargé d'affaires Robert Hilton. "With this compact, we have an opportunity to promote transparent decisions about Sri Lanka's long-term interests in terms of costs, benefits, and sustainable development."

"We are pleased that progress continues on the proposed MCC compact," said MCC COO Nash. "Developed in partnership with the Government of Sri Lanka, the proposed MCC Sri Lanka Compact is designed to spur economic growth and investment by the private sector to reduce poverty and increase economic opportunities for the people of Sri Lanka,"

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 would improve road networks and the bus system in the Colombo Metropolitan Region, and improve road connectivity between the central region and ports and markets in the Western Province. The compact would upgrade more than 300 kilometers of urban and interprovincial roads. In addition, the compact would improve land administration, and strengthen land rights and tenure security.

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. In December 2016, MCC's Board of Directors selected Sri Lanka to develop a compact.

 

ColomboPage - Recent 10 Stories ::
Sri Lanka's Colombo Port reports 28.8% increase in cruise ship arrivals
-- [4 hours ago]
President to obtain SC verdict without delay - MP Wimal Weerawansa
-- [5 hours ago]
Sri Lanka President emphasizes implementing death penalty for drug traffickers
-- [6 hours ago]
ICC suspends Sri Lanka off-spinner Akila Dananjaya after his bowling action of found to be illegal
-- [8 hours ago]
Sri Lanka-Singapore FTA signed without proper consent: President
-- [8 hours ago]
Norway partners with UNDP Sri Lanka to support peace, justice and strong institutions
-- [8 hours ago]
FR petition filed in Supreme Court challenging Speaker's decision to convene parliament
Sri Lanka tea estate workers continue strike for the seventh day
Sri Lanka President ready to accept the top court verdict with respect
Five ministry secretaries to be summoned before parliamentary committees for questioning

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.