June 16, 2010
MCC Board Focuses on Poverty Reduction Results and Future Country Partners
Washington, D.C.—The Millennium Challenge Corporation (MCC) Board of Directors met today to review the progress of its global partnerships to reduce poverty.
“The MCC Board is committed to ensuring that every MCC project delivers results. For MCC, fighting global poverty means investing in results for both the world’s poor and American taxpayers,” said Daniel W. Yohannes, MCC Chief Executive Officer.
To date, MCC-funded project results include: over 1,500 kilometers of roads contracted, over 109,500 farmers trained, over 44,400 hectares of land under production, and over 45,000 rural parcels of land mapped.
“While these initial results are important, they are not enough. MCC is committed to leveraging its assistance dollars to reduce poverty through sustained economic growth. We will continue to effectively use our resources in this time of financial constraint to fulfill MCC’s mission and produce tangible results,” Mr. Yohannes said.
The MCC Board, which is chaired by U.S. Secretary of State Hillary Rodham Clinton, reviewed the agency’s portfolio of investments in low income and lower middle income countries. The Board expects to consider grant agreements with the Philippines, Jordan, and Malawi in calendar year 2010, and Indonesia, Zambia, and Cape Verde in calendar year 2011.
The Board received an update on discussions with the incoming Philippines administration on the proposed compact program. The Board reiterated its desire for a commitment by the new administration to the ideals and principles of MCC, including fighting corruption, and to the compact’s objectives and implementation.
The Board also discussed refinements to MCC’s Threshold Program. MCC will be working over the next months to further develop and design the program. To date, MCC has launched 21 threshold programs in 19 countries totaling approximately $470 million. The Board recently approved threshold programs with Liberia and Timor-Leste.
“Moving forward, I want to make sure that the Threshold Program continues to help candidate countries become compact eligible and advances MCC’s mission. We will work with USAID, other U.S. Government agencies, and other partners to make this new approach an operational success,” said Mr. Yohannes.
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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.