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
| Milestone | Date | Description |
|---|---|---|
| Board Discontinued | December 15, 2020 | MCC Board discontinues Sri Lanka Compact. |
| Board Approval | 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. |
| Constraints Analysis | 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. |
| Eligibility Notification | December 20, 2017 | MCC Board reselects Sri Lanka to continue developing a compact. |
| Eligibility Notification | December 13, 2016 | MCC Board of Directors selected Sri Lanka as eligible to develop a compact. |