News
US to continue to assist Sri Lanka despite MCC decision
17 Dec, 2020
The United States (US) will continue to assist Sri Lanka despite the decision taken by the Millennium Challenge Corporation (MCC) to discontinue with the proposed Rs. 89 billion MCC development assistance grant to Sri Lanka.
The US Embassy in Sri Lanka said that the United States remains a friend and partner to Sri Lanka and will continue to assist Sri Lanka in responding to COVID and building its economy.
On December 15, the MCC board decided to discontinue the proposed Rs. 89 billion MCC development assistance grant to Sri Lanka due to lack of partner country engagement.
The Rs. 89 billion approved for Sri Lanka will be made available to other eligible partner countries in need of grant funding to pursue their economic development priorities, reduce poverty, and grow their economies.
Country ownership, transparency, and accountability for grant results are fundamental to MCC?s development model. MCC has successfully partnered with nearly 30 countries worldwide on 38 grant agreements, totaling nearly $13.5 billion.
These grants have lifted millions of people from poverty by catalyzing local and domestic investment. (Colombo Gazette)
Recommended For You
