MCC discontinues USD 480 million compact with Sri Lanka


Dec 17, 2020 11:50 am    Views: 5971

MCC discontinues USD 480 million compact with Sri Lanka

Millennium Challenge Corporation (MCC) has decided to discontinue the proposed compact of USD 480 million with Sri Lanka.

The decision was reached during the quarterly meeting of MCC’s Board of Directors on December 15.

In a statement issued yesterday, the MCC announced that the Board has discontinued the proposed compact with the island nation.

MCC of the US Government approved the grant to Sri Lanka at its board meeting held on the 25th of April 2019 in Washington D.C. subject to Congressional Notification.

On the request of former PM Ranil Wickremesinghe, the MCC had conducted an evaluation in terms of their investment criteria and selected Sri Lanka as a qualified country to receive grant funding under their Compact Investment Program.

Under the grant, MCC had agreed to kick off a USD 350 million transport project and a USD 67 million land project in Sri Lanka. The remaining USD 63 million was to be allocated to support technical assistance, feasibility and design studies, project administration, and monitoring and evaluation.

However, the proposed grant assistance agreement was met with strong disapproval from various parties citing that it adversely affects the sovereignty of the country as it would pave way for defense deals with the US.

Meanwhile, MCC has selected three new partners – Sierra Leone, Kiribati and Solomon Islands – for a new compact partnership and threshold programs.

As a part of the annual selection process, Benin, Burkina Faso, Côte d’Ivoire and Niger have been reselected as eligible for concurrent compact programs for regional integration, while Malawi, Mozambique, Timor-Leste and Tunisia were reselected for compact development.

Further, Ethiopia, Kenya and Gambia were reselected for a threshold program development.

The statement said the MCC has also reaffirmed its support for continuing development in Indonesia, Kosovo and Lesotho.

“MCC provides time-limited grants to developing countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights, as evaluated by MCC’s scorecard. MCC takes a business-like approach, with bedrock commitments to data, accountability and evidence-based decision making.”

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