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    USAID Announces $24.5 Million Grant to Boost Sri Lanka’s Market Growth and Governance

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    USAID Announces $24.5 Million Grant to Boost Sri Lanka’s Market Growth and Governance

    The funds will be allocated through a Development Objective Grant Agreement between USAID and the Sri Lankan government. This investment aims to support local initiatives that drive sustainable development solutions, focusing on market growth, environmental resilience, and governance improvements.

    The United States Agency for International Development (USAID) has pledged $24.5 million, approximately 7.2 billion Sri Lankan rupees, to enhance market-driven growth and good governance practices in Sri Lanka. The announcement was made during a visit by USAID’s Assistant Administrator for the Bureau for Asia, Michael Schiffer, at a Ministry of Finance event on Friday.

    The funds will be allocated through a Development Objective Grant Agreement between USAID and the Sri Lankan government. This investment aims to support local initiatives that drive sustainable development solutions, focusing on market growth, environmental resilience, and governance improvements.

    “This funding represents our commitment to advancing Sri Lanka’s locally led efforts to tackle development challenges with sustainable solutions,” said Schiffer in a statement.

    US Ambassador to Sri Lanka, Julie Chung, highlighted the long-standing partnership between the two nations. “Since 1956, the United States has invested in Sri Lanka’s development, empowering its people and enhancing resilience to climate change and economic disruptions,” Chung noted. The US has contributed over $2 billion (598 billion rupees) to various sectors in Sri Lanka, including agriculture, education, health, and infrastructure.

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    The US has provided more than 2 billion dollars (598 billion rupees) in assistance to Sri Lanka, since 1956, to support the country’s agriculture, education, health, environment, water, sanitation, infrastructure, governance, and business development and provide humanitarian assistance to people in need.

    The grant announcement was accompanied by a ceremony featuring USAID Sri Lanka and Maldives Mission Director Gabriel Grau and State Minister of Finance Shehan Semasinghe.

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