Wednesday, 22nd September 2021

US$ 480 Million given by MCC is a grant not loan US Ambassador clarifies

Colombo, July 31 (BAN/ AD): Alaina B. Teplitz the United States Ambassador to Sri Lanka has clarified that Millennium Challenge Corporation’s US$ 480 million aid was a gift to Sri Lanka from the people of the US and not a loan.

President Maithripala Sirisena has received letter from US Ambassador to Sri Lanka clarifies the agreement on the grant, state-run Independent Television Network reported. Ambassador Teplitz has said that the agreement is transparent. The Ambassador said agreement has a five-year term and will not establish any permanent institution or agency.

The Ambassador said that US is extending development help to Island nation since independence from Britain. The two major problems Sri Lanka is facing are weak transport infrastructure and weak land administration practices are identified by Government of Sri Lanka and MCC and will be addressed by this grant.

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