Millennium Challenge Corp. announces Rs.1.1bn initial grant to SL

28 July 2017 09:43 am - 0     - {{hitsCtrl.values.hits}}

A A A

US government’s Millennium Challenge Corporation (MCC) Regional Deputy Vice President U.S. Fatema Z. Sumar signing the grant with Secretary to the Ministry of Finance and Mass Media, Dr. R.H.S. Samaratunga

 

A  Millennium Challenge Corporation (MCC) delegation led by Fatema Z. Sumar, Regional Deputy Vice President for Europe, Asia, the Pacific, and Latin America, is currently in Colombo to advance progress on the development of a five-year grant programme with Sri Lanka to reduce poverty and promote economic opportunity for Sri Lankans. 


“We are pleased to announce Rs.1.1 billion (US $7.4 million) in funding that the Millennium Challenge Corporation is providing now to support the development of a compact, including identifying and analyzing specific projects for potential investment,” Sumar said.


Because the grant programme is still in development, the total funding amount has not yet been determined. The US $7.4 million in funding is in addition to the total MCC compact funding amount.
Based on an analysis of the constraints to economic growth, MCC and the Sri Lankan government are now conducting due diligence on potential projects in the transport and land sectors.


The Sri Lankan Government has established a project management unit—the Sri Lankan Compact Development Team—within the Prime Minister’s office to work with MCC on the compact. 


The goal is to develop a high-quality, evidence-based and sustainable compact aimed at addressing these economic challenges in a way that drives growth and reduces poverty. MCC holds partner countries accountable through rigorous oversight, monitoring and evaluation.


Sri Lanka’s compact development team is consulting with a wide group of stakeholders to collect input – including potential beneficiaries, civil society, the private sector, other donors, and relevant government entities.

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. 
The country will need to be re-selected by MCC’s board in December for compact development to continue.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




ANYTHING FOR MONEY

Some unregulated online lenders are remotely taking control of phones of thos

Frontline cops charge negligence by high-ups worsened police cluster

The police have done an invaluable service in the frontlines to combat the CO

US Vice President-Elect Kamala Harris’s Key Sri Lankan Tamil Aide

An overwhelming feeling of relief has descended upon the world-not merely th

The virus may be spreading much faster than official data suggest

The daily case reports from the Epidemiology Unit are the only data we have t

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.