Colombo, Aug 13: The US Agency for International Development (USAID) has announced funding of 24.5 million dollars, or 7.2 billion rupees, to enhance Sri Lanka’s market-driven growth and promote effective governance practices, media reports said on Tuesday.
“This funding is an investment to further support the country’s locally led initiatives to drive sustainable solutions for Sri Lanka’s development challenges,” USAID Assistant Administrator for the Bureau of Asia Schiffer said, The Economy Next reported.
USAID and Sri Lanka’s government have committed funds through a Development Objective Grant Agreement to boost market-driven growth, promote environmental sustainability, and promote good governance practices, the US embassy said in a statement.
“Since 1956, the United States has invested in Sri Lanka’s people, empowering them in their entrepreneurial pursuits and strengthening Sri Lanka’s resilience to climate change and macro-economic shocks,” US Ambassador to Sri Lanka Julie Chung said.
Since 1956, the US has provided more than 2 billion dollars (598 billion rupees) in assistance to Sri Lanka to support the country’s agriculture, education, health, environment, water, sanitation, infrastructure, governance, and business development and provide humanitarian assistance to people in need, reports said.
According to reports, USAID’s Assistant Administrator of the Bureau for Asia, Michael Schiffer, announced additional funding during a visit to Sri Lanka at the Ministry of Finance.
USAID Sri Lanka and Maldives Mission Director Gabriel Grau, along with State Minister of Finance Shehan Semasinghe, attended a ceremony on August 9.
(UNI)
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