Sri Lanka selected for new MCC compacts

Sri Lanka selected for new MCC compacts

Sri Lanka selected for new MCC compacts

Written by Staff Writer

15 Dec, 2016 | 7:59 pm

At its quarterly meeting on December 13, 2016, the Millennium Challenge Corporation Board of Directors has selected Sri Lanka, Burkina Faso and Tunisia for new MCC compacts – five-year grants – to encourage economic growth and reduce poverty.

A statement from the US Embassy in Colombo quotes the US Ambassador to Sri Lanka as noting that it is a major boost to six decades of development partnership with the people of Sri Lanka.

According to the statement , Sri Lanka, which was selected in December 2015 for a threshold programme, will now transition into the compact programme after showing continued improvement on its scorecard, including demonstrated progress on democratic rights.

It goes on to add that in both Sri Lanka and Burkina Faso, the Board recommended that MCC explore investments that address obstacles to economic growth – both domestic and regional – while recognizing the need for statutory authority to optimise regional impact.

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