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Posted on December 17th, 2020
Courtesy Adaderana
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.