May 7, 2009
President Obama Requests over $1.4 Billion from Congress to Fund Millennium Challenge Corporation in FY2010 Budget
Budget Number represents 63 percent increase from FY2009
Washington, D.CThe Obama Administrations FY2010 International Affairs Budget presented to members of Congress today includes a request of $1.425 billion to fund the Millennium Challenge Corporation (MCC), representing a 63 percent increase over the enacted amount for the agency in FY2009.
The U.S. Government has identified global poverty reduction as one of todays most important overarching foreign policy goals and this priority is reflected in the FY2010 request to substantially increase the budget for MCC, said MCC Acting Chief Executive Officer Rodney Bent. As the global financial crisis threatens to force an additional 90 million people worldwide into poverty this year, there is no better time to support MCCs smart and innovative approach to reduce poverty through innovative solutions that promote long-term economic growth.
MCC looks forward to testifying before members of Congress in the coming weeks to provide an overview of potential programs with partner countries including Senegal, Moldova, Jordan, Malawi, the Philippines, Zambia, Colombia, Indonesia, Liberia, and Timor-Leste said Bent.
MCC programs are designed to maximize sustainable poverty reduction by fostering broad-based economic growth. Grants, or compacts, are made to countries striving to practice sound political, economic, and social policies. Solutions must be homegrown by the countries themselves, so they own them from design through implementation. MCC works with a wide array of stakeholders within each partner country to ensure that projects reflect the priorities of a countrys citizens and that they consider the role of gender and the impact on the environment. Projects are designed to measure results, reach benchmarks, and achieve lasting outcomes.
MCC currently has compact programs in 18 countries and has funded 21 threshold programs to date. Countries are using their Millennium Challenge grants to train farmers, register property rights, build roads and bridges to better access markets, immunize children, open schools, irrigate land, and install water and sanitation systems.
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Millennium Challenge Corporation (MCC), a United States Government agency designed to fight poverty in developing countries, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth