March 4, 2014
President Obama Requests a Significant Increase in Funding for the Millennium Challenge Corporation
The Fiscal Year 2015 Budget Proposal Boosts Efforts to Fight Global Poverty and Create Opportunities for Private Investment
Washington, D.C.—President Barack Obama submitted his fiscal year 2015 budget proposal to Congress. The President’s request includes a funding level of $1 billion for the U.S. Government’s Millennium Challenge Corporation (MCC).
The 11 percent increase in funding demonstrates strong support for the agency’s fight against global poverty. MCC uses a rigorous, data-driven approach that treats foreign assistance like a business.
MCC’s Chief Executive Officer Daniel W. Yohannes said: “The increase in funding allows MCC to continue focusing investments on increasing global trade and creating business-friendly environments throughout the world where American companies can partner, compete and succeed.”
The President’s budget request will help MCC raise the bar in its mission to support market-oriented economies that promote good governance and democratic values. As a global leader in development, MCC works with partner countries to reform laws, policies and institutions. MCC makes public investments in multiple sectors, including infrastructure, which accelerate economic development, reduce poverty and create private sector investment opportunities.
Since 2004, MCC has signed 27 compacts and 24 Threshold Programs. The agency has committed nearly $10 billion to the fight against global poverty by supporting results-driven programs built on measurable and transparent objectives.
MCC’s fiscal year 2015 Congressional Budget Justification can be found at www.mcc.gov/cbj-2015.