Colombo, Dec 22 (newsin.asia) – The United States Millennium Challenge Corporation (MCC) has re-selected Sri Lanka for its grant programme which will enable MCC to continue developing its compact programme with the Sri Lankan government, the Foreign Ministry said here in a statement Friday.
The MCC compact programmes are large, five-year grants for selected countries that meet MCC’s eligibility criteria of good governance, economic freedom and investment in their citizens.
The selections are based on performance indicators compiled by MCC in an annual scorecard for countries under consideration.
“Sri Lanka’s re-selection bears testament to the country’s continued progress on policy performance and reforms, including on democratic rights and control of corruption, and the strength of the government’s partnership with MCC since 2015,” the Foreign Ministry statement said.
Since being selected eligible for a compact programme in December 2016, the Sri Lankan government and MCC have been working together to develop projects with the aim of fighting poverty and promoting economic opportunity for the Sri Lankan people.
In July, MCC announced $7.4 million in funding to support the development of the compact, including identifying and analyzing specific projects for potential investment.
MCC’s Board of Directors is chaired by the US Secretary of State.
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.