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.
This compact is being developed by the U.S government in partnership with the government of Sri Lanka for the specific purpose of reducing poverty and promoting economic opportunity for Sri Lankans.
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 ($2.6 million USD) grant to finalize compact development.
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.
“We are pleased to partner with Sri Lanka on a program that will reduce poverty through economic growth and improve lives in the country,” Managing Director 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", she added.
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.
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