June 5, 2008
MCC Vice-President Speaks at the World Economic Forum in Cape Town, South Africa
Washington, D.C.Vice President of Congressional and Public Affairs at the Millennium Challenge Corporation, Matthew McLean, delivered remarks at the meetings of the World Economic Forum today in Cape Town, South Africa, underlining MCC’s strong support for Africa and outlining the ways MCC is helping African countries stimulate long-term economic growth. In a session dedicated to ““Making Aid Profitable,”” he detailed MCC’s investments in large-scale infrastructure, such as roads, bridges, and ports, as programs that would help MCC partner countries achieve economic goals.
McLean pointed to MCC’s grant agreements in Africa, known as compacts, totaling over $3.8 billion, as evidence of the U.S. Government’s commitment to improving the livelihoods of Africans while enhancing the investment climate and improving trade capacity for these partner countries. He said that this amount was set to increase this year when approximately $800 million in new grant agreements are planned to be signed with Burkina Faso and Namibia.
”“Because donor assistance today makes up a much smaller portion of the economic engagement of the West with developing countries, our aid must be smarter in the way it supports economic development led by the private sector,”” McLean said. ”“The types of projects we have identified with our partners are the types of investments that will build local capacity and make these countries more viable, transparent and stable places to do business.”“
McLean described MCC’s ““investor-like approach to development assistance”” as critical to helping countries identify and tackle impediments to long-term growth. He said that MCC programs in places like Benin, where MCC is helping repair the port of Cotonou, and Ghana, where Farmer and Enterprise training are helping accelerate the agriculture industry, are making these places more attractive to foreign investment and are a good example of country-based solutions to their most pressing economic problems.
For more information about MCC’s work with partner countries in Africa, please visit http://www.mcc.gov/programs/africa/index.php.
The Millennium Challenge Corporation, a U.S. government corporation 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 about MCC, visit www.mcc.gov.