In December 2020, the Board of Directors discontinued the $480 million Compact with the Government of Sri Lanka.
The proposed compact, which the Board approved in April 2019, was designed to reduce poverty through economic growth. It would have reduced traffic congestion and air pollution in Colombo and improved public transportation for millions of Sri Lankans who travel by bus. It would have upgraded provincial roads to help farmers get their goods to market and provided secure land titles to smallholder farmers and other Sri Lankan landholders.
Milestones in Compact Development
|December 15, 2020
MCC Board discontinues Sri Lanka Compact.
|April 25, 2019
MCC Board approves five-year Sri Lanka Compact.
|CN on Intent to Negotiate
|August 13, 2018
MCC has delivered to the U.S. Congress a congressional notification (CN) of its intent to negotiate a Millennium Challenge Compact with the Government of Sri Lanka.
|September 20, 2017
The Government of Sri Lanka has completed a study to identify the most binding constraints that prevent private-sector led growth in Sri Lanka.
|December 20, 2017
MCC Board reselects Sri Lanka to continue developing a compact.
|December 13, 2016
MCC Board of Directors selected Sri Lanka as eligible to develop a compact.