US to provide US$ 39 million to Sri Lanka under Foreign Military Financing in the Bay Bengal
The United States Embassy in Colombo has said that the US government is to give Sri Lanka about US$ 39 million in Foreign Military Financing under its Bay of Bengal maritime security initiative.
The embassy issuing a statement has stated that the US is to hold talks with the Sri Lankan government on how the funds, which are pending Congressional approval, can support its Bay of Bengal initiative and Sri Lanka’s humanitarian assistance and disaster response priorities.
The funding is part of US$ 300 million in additional funding intended for South and Southeast Asia announced by the US earlier this month under the administration’s Indo-Pacific strategy, a statement said.
The US Secretary of State traveled to Indonesia, Singapore, and Malaysia last week for bilateral and multilateral meetings to advance the security of the United States and the region, the statement noted.
The talks were also to “underscore our support for a rules-based order, reaffirm our commitment to friends and allies, and demonstrate the robust engagement in the Indo-Pacific,” the statement has also said.
“As part of the maritime security theme, we launched the Bay of Bengal Initiative to help enhance the capacity of civilian and military maritime actors in this vital region, which is home to important sea lanes linking the Indian Ocean to East Asia.”
The statement further notes that the funding represents a significant investment in American security relationships with Bangladesh, Indonesia, Mongolia, Nepal, the Pacific islands, the Philippines, Sri Lanka, Vietnam, and others.
“The investment focuses on four key areas that are critical to ensuring a free, open, and rules-based order in the Indo-Pacific region.
“This includes maritime security, humanitarian assistance, and disaster response, also peacekeeping capabilities and countering transnational crime.”
The latest financial commitment undertaken by the US government towards Sri Lanka indicates the US interest in the Indian Ocean region and its relations with the island nation. The US has already extended the US GSP trade concessions to Sri Lanka and commitments such as the above mentioned one further strengthen the ties between the two nations. Other foreign businesses could explore business ventures in Sri Lanka and use the benefits of the US GSP facility enjoyed by the island nation along with the close ties between the two countries.
|Article Code :||VBS/AT/17082018/Z_2|