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US$ 480 Million to be given by the MCC to Sri Lanka is a grant, not a loan, the US Ambassador clarifies

The United States Ambassador to Sri Lanka Alaina B. Teplitz asserts that the Millennium Challenge Corporation's US$ 480 million aid was a gift to Sri Lanka from the people of the US and not a loan. US Ambassador to Sri Lanka Alaina B. Teplitz has sent a letter to President Maithripala Sirisena clarifying the agreement on the grant, state-run Independent Television Network reported. Ambassador Teplitz has said that the agreement is transparent and is designed to foster the prosperity the President seeks to deliver to the people of Sri Lanka. The Ambassador noted that the agreement has a five-year term and will not establish any permanent institution or agency. The development agreement consists of projects focused on two key economic issues: transportation and land management..........................

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