Colombo, Oct 13 (newsin.asia) – Sri Lanka will receive approximately US 700 million dollars within a period of five years from the US Government’s Millennium Challenge Corporation (MCC), the Finance Ministry said in a statement here Friday.
The MCC funding will be received to invest in three key areas – transport, access to land and policy stability.
MCC is an independent agency working to reduce global poverty through economic growth.
MCC’s grants and assistance to Sri Lanka is an immense contribution to Sri Lanka’s efforts in advancing good governance, fighting corruption and in the protection and promotion of human rights, the Finance Ministry said.
A delegation from the MCC led by Fatema Z. Sumar, visited Colombo in July, to advance progress on the development of the MCC compact—the five-year grant program—with the Sri Lankan government.
The Sri Lankan government has established a project management unit, the “Sri Lankan Compact Development Team”, within the Prime Minister’s Office, to work with MCC on the compact.
The goal is to develop a high-quality, evidence-based and sustainable compact aimed at addressing economic challenges in a way that drives growth and reduces poverty.
Sri Lanka became eligible for assistance after passing 13 out of 20 indicators on MCC’s policy scorecard.