US investments can save nations like SL from debt traps: US

5 October 2018 06:31 pm - 33     - {{hitsCtrl.values.hits}}

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Investments backed by the US government provide a financially-sound alternative to state-led solutions which lead nations like Sri Lanka into debt traps, a top US government official said.

Executive Vice President of the US Overseas Private Investment Corporation (OPIC), David Bohigian, who visited Sri Lanka from October 3 to 5, said OPIC was committed to supporting projects that promote free and open societies while adhering to strong environmental and labour standards.

“We look forward to partnering with Sri Lanka and other regional allies to identify opportunities for investment in ports and other infrastructure, which will fuel sustainable economic growth, create jobs, and leave countries better off,” he said adding Sri Lanka is a hub of maritime activity in the Indian Ocean and serves a vital role in the global economy.

The US Embassy said in a statement that OPIC, the US government’s development finance institution, has invested $118 million in Sri Lanka and currently has almost $20 million invested across four projects.

It said the visiting US delegation met Finance and Mass Media Minister Mangala Samaraweera as well as representatives of American businesses active in the Sri Lankan market.

Meanwhile, Chargé d'affaires Robert Hilton said they were working with the Sri Lankan government to ensure that American companies were given the opportunity to compete for government tenders and that tenders were conducted fairly and free from corruption.

He said the US was the single largest export market for “Made in Sri Lanka” garments. “We would like to grow US exports to Sri Lanka, from agricultural products to manufactured goods to software and entertainment,” Mr. Hilton said. (Lahiru Pothmulla)

Executive Vice President of OPIC, David Bohigian met Finance and Mass Media Minister Mangala Samaraweera

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  Comments - 33

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  • Unchikun Friday, 05 October 2018 06:42 PM

    Did our prime minister during a overseas visit say Sri Lanka was not in a debt trap?

    Hiran Gunawardena Friday, 05 October 2018 07:01 PM

    Us take countries to ransome with debt trap. Can you name single country US has helped to get out of debt TRAP?????????

    Mandy Friday, 05 October 2018 10:35 PM

    At least to their credit, US has not set debt traps to burden future generations here in SL.

    Wijey Saturday, 06 October 2018 10:31 AM

    Mandy,did you pass the grade 7 exam.

    Mandy Saturday, 06 October 2018 08:32 PM

    Wije : Regret your lack of historical knowledge. But for the record the degree was in Maths in 1960 - may be even before you were born when a degree had a higher standard.

    Will Monday, 08 October 2018 04:40 PM

    Mandy,Respect you sir,degree in maths in 1960,now more than 80 years old

    gammini Friday, 05 October 2018 07:10 PM

    Decoding the American message “Our white European brothers ruled this island and its natives for 400 years and even changed 10% of its population to accept our white superiority and embrace our own religion. And now this yellow skinned Chinese are getting involved in our former possession which we are not going to accept at all”.

    Raj Friday, 05 October 2018 09:19 PM

    You are spot on mate.

    Sal Saturday, 06 October 2018 12:03 AM

    America did fight a war against Britain you know?

    Harini Friday, 05 October 2018 07:11 PM

    US or China to take over SL? A race to the finish. This is nothing but small nations becoming embroiled in the geopolitical insecurities and imbalance of power perpetuated through economics in the name of neo liberal policies by the world's power-hungry superpowers. And our foolish leadership thinks it's a compliment.

    Martin Milton Friday, 05 October 2018 07:19 PM

    ONE MOST UNSAVOURY Sri Lankan person spoiling the image of another here. Let us hope the the GOSL does NOT follow any advice given by the person who sold his Motherland in the UN. Venturing into financial dealings with US would be like walking into a willing 'end of the road to Sri Lanka's independence with the fragmentation of Sri Lanka finally', which this Ministerial traitor will gleefully promote. MM

    Hadam Friday, 05 October 2018 07:29 PM

    Thanks but no thanks. We are better off with China. American and Europeans took so much natural resources from Africa but what did they give back, Look at Chinese giving back by building African infrastructure.

    Stunned Citizen Saturday, 06 October 2018 03:10 AM

    True I agree they plundered our natural resources, but they also have done us some good. They established educational institutions and the railways without which we will be still in the dark ages. Whereas the Chinese gave us the money to build white elephants that serves no purpose.

    Tamil Saturday, 06 October 2018 09:57 AM

    They built every thing for their own benefits. Schools so that they could have English speaking workers to work for the masters,railway to transport goods to the port and to transport troops to trouble spots. And they never thought they were ever going to leave.

    Outta Gemunu Friday, 05 October 2018 07:33 PM

    Given the huge debt burden SL has to China, due to the MR regime's incompetence, and the pitiful state of our Nationalized industries such as the Railways, national airline, water supply (inadequate, underinvested and aging). SL needs investment from outside to rebuild itself as a modern nation. Why not US investment if it improves position.

    sach Friday, 05 October 2018 08:11 PM

    Out of our loans, chinese loans amounts only to 8%. There is NO chinese debt trap

    RR Friday, 05 October 2018 09:46 PM

    Look at Britain,a horrible working class woman joined upper class Conservative party and tried to be more conservative and denationalised every thing from water to railway, and now after 35 years the people want them all reversed.

    Ex Police Friday, 05 October 2018 09:49 PM

    No proper Buddhist,Hindu,or Muslim Sri Lankan would subscribe to your lunacy, so you must be keep voting thumbs up to your own comment.

    Tamil Saturday, 06 October 2018 01:05 AM

    Who you are fooling outta gemnu, how did you get so many votes for your garbage comment.We are no fools.

    Number Saturday, 06 October 2018 04:08 AM

    Why not? Because no one in this world has confidence in this clown circus.

    Muwa Saturday, 06 October 2018 10:21 AM

    Can anyone sate where US had assisted any country in Industry or agriculture?

    sach Friday, 05 October 2018 08:11 PM

    Different different ppl saying different different things. Is this a government or a circus?

    Supun Friday, 05 October 2018 09:58 PM

    I personally prefer SL to be a colony of US than a Indian or Chinese one. SL Was in a very good position when it was being governed by UK. Still 90% of SL economy depends on the industries introduced by then like Tea.

    Jude Saturday, 06 October 2018 12:23 AM

    Huh, It's like jumping from frying pan to fire!!!yeah!!

    Jude Saturday, 06 October 2018 01:08 AM

    If China succeed in their OBOR initiative!!, There's a very good chance in 20 years, the 200 Year American Domination of Globe will come to an end!!???

    vis8 Saturday, 06 October 2018 06:23 AM

    Ha, ha, ha, haaaaaaaaaaa.. Ranil and Samaraweera.. what jokers.

    MNA Saturday, 06 October 2018 06:45 AM

    People/Citizens of SL should only vote for candidates who posses qualified education, irrespective of party they want to vote for.

    Vip Saturday, 06 October 2018 07:53 AM

    And how are they going to do it? By investing USD 20 mn?

    sam Saturday, 06 October 2018 09:12 AM

    when i see the face of this demon who pawned our mother land to UN, my hair standing on end. no doubt this muppet will betray our heroic forces and say yes sir to e very european to be in their good books .

    Shantha Saturday, 06 October 2018 10:28 AM

    With your colonial name how can you say ,this your motherland.

    Manu Sunday, 07 October 2018 03:40 PM

    This Mangala is an idiot to get into US trap which will bw worse than China.

    Riyadh Sunday, 07 October 2018 09:04 PM

    It's like pot calling the kettle black hahaha

    Vpl Sunday, 07 October 2018 10:03 PM

    I think Sri Lanka will never ever fall into the trap of the united state again.They are trying to use Sri Lanka as a sheild to protect them from the Belt and road initiative of China.Americal knows definitely it would lose the wolrd power if this great initiative got success. So by hook or by crook they are trying to stop this initiative.Sri lanka shold be very smart this time and should not fall into this trap.We should get the best from the BRI unless we would miss the bus again


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