The Millennium Challenge Corporation (MCC) board has decided to discontinue the proposed LKR 89 billion MCC Development Compact to Sri Lanka, the US embassy in Colombo announced.
"On December 15, the Millennium Challenge Corporation (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 US Embassy said in a statement.
They said that the LKR 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 USD 13.5 billion. These grants have lifted millions of people from poverty by catalyzing local and domestic investment," the embassy said. adding 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.
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