Millennium Challenge Corp looks at Sri Lanka for fund program


June 29, 2016 (LBO) – The Millennium Challenge Corporation (MCC) is currently evaluating Sri Lanka for a threshold program that can potentially unlock millions of dollars in additional assistance to facilitate economic reforms that can boost growth and create jobs.

US Ambassador Atul Keshap speaking at the 177th AGM of the Ceylon Chamber of Commerce revealed that the MCC is looking at Sri Lanka as a result of the Government’s commitment to good governance.

The MCC is an independent US foreign aid agency that is helping lead the fight against global poverty.

Created by the US Congress in January 2004 with strong bipartisan support, MCC is changing the conversation on how best to deliver smart US foreign assistance by focusing on good policies, country ownership, and results.

US Ambassador said this year alone, the total US assistance to Sri Lanka will be around 40 million US dollars.

He stressed that to win investment dollars; Sri Lanka should give itself a competitive edge by establishing clear and consistent policies in all areas of the economy.

“Clear, consistent policies are the cornerstone for creating an attractive environment for investors, both foreign and domestic,” Ambassador Keshap said.

“Policy clarity and consistency level the playing field, create transparency and provide predictability, and these are things investors crave.

Attracting foreign direct investment will require Sri Lanka to overcome stiff regional competition.

India, Bangladesh, Indonesia, Vietnam, Myanmar, Cambodia, and others in the Indo-Pacific region are courting the same investors.

Ambassador further stated that Sri Lanka’s performance under the new IMF program is not only vital to create a stable economy, but will also send a signal to the international business community regarding the attractiveness of Sri Lanka as a destination for FDI.