February 24, 2014
MCC CEO Commends Georgia’s Commitment to Economic Freedom
The U.S. Government agencyâ€™s Chief Executive Officer received the countryâ€™s Prime Minister in Washington, D.C.
Washington, D.C.—The Prime Minister of Georgia, Irakli Garibashvili, visited Daniel Yohannes, the CEO of the Millennium Challenge Corporation, at the U.S. Government agency’s headquarters in Washington, D.C.
During his first official visit, the Prime Minister held working meetings at the White House and on Capitol Hill. He was accompanied by the Minister of Foreign Affairs, Maia Panjikidze, and the Georgian Ambassador to the United States, Archil Gegeshidze.
CEO Yohannes welcomed the Prime Minister. He stated:
“Georgia is one of our partner countries that has consistently demonstrated its commitment to economic growth. I commend Prime Minister Garibashvili for his dedication to growing Georgia’s economy by focusing on improving education. We are hopeful Georgia will continue to excel as a vibrant market-oriented democracy.”
In July 2013, MCC signed a five-year, $140 million dollar compact with Georgia, which seeks to increase citizens’ earning potential by addressing weaknesses in the quality of education—particularly in science, technology, engineering, and math (STEM). The compact builds on recent policy reforms that Georgia has made in its education sector.
This second compact will strengthen Georgia’s capacity to meet the needs of its economy and create jobs, while better positioning the country to be a strong U.S. trading partner. American firms exported $600 million in goods to Georgia in 2013, up from $300 million in 2010.
The relationship between Georgia and MCC dates back to the first compact signed in 2005, which aimed to unlock the country’s economic growth potential by investing over $395 million in energy and infrastructure. These initial investments helped Georgia recover after its economy contracted dramatically following the collapse of the Soviet Union and Georgia’s civil war of the 1990s.
MCC is an innovative and independent U.S. agency that is working to reduce global poverty through economic growth. Created by the U.S. Congress in January 2004, with strong bipartisan support, MCC provides time-limited grants and assistance to countries that demonstrate a commitment to good governance, the rule of law and respect for equal rights.