Press Release

For Immediate Release

February 1, 2010

Contact: 202-521-3880

Email: info@mcc.gov

President Obama Requests $1.28 Billion to Fund MCCs Fight against Poverty in FY2011

Washington, D.C. The Obama Administrations FY2011 International Affairs Budget presented to the U.S. Congress today includes a request of $1.28 billion to fund the Millennium Challenge Corporation (MCC).

President Obama’s budget request will enable MCC to continue empowering the poor through homegrown solutions to reduce poverty and stimulate economic growth,” said MCC Chief Executive Officer Daniel Yohannes. “MCC’s aid is focused on innovation, partnership, and results in order to create opportunities and build capacity in MCC partner countries.”

“I look forward to working with Congress in the coming weeks to provide an overview of potential MCC programs with partner countries including Indonesia, Jordan, Malawi, the Philippines, and Zambia,” said Mr. Yohannes.

“MCC works to fight poverty by providing grants to countries implementing sound economic, political, and social policies.MCCs partner countries are currently developing program proposals that will provide more water, better sanitation, reliable power, and improved roads.MCCs programs also will help fight corruption while increasing government revenues and will improve access to markets to millions of impoverished people.”

To date, MCC has launched 20 compacts and has funded 21 threshold programs, committing nearly $7.7 billion to worldwide poverty reduction through results-driven programs built on measureable and transparent objectives.Some of MCCs progress to date includes more than 102,000 farmers trained to boost productivity and food security and the ongoing construction of more than 1,200 kilometers of roads to facilitate access to markets, schools, and health clinics.

MCC signed a $262 million compact with Moldova in January and in FY2010 plans to sign compacts with the Philippines and Jordan. Additionally, the agency is working with Indonesia, Malawi, and Zambia on developing poverty reduction compact proposals.MCC anticipates signing compacts with these partners, as well as a second compact with Cape Verde, in FY2011.

Read an executive summary of MCCs FY2011 Congressional Budget Justification here.

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Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic, and social policies that promote poverty reduction through economic growth.  For more information, please visit www.mcc.gov.

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