July 15, 2008
MCC Board of Directors Approves $304.5 Million Poverty Reduction Grant for Namibia
Washington, D.C. Today, the Millennium Challenge Corporations Board of Directors approved a $304.5 million poverty reduction Compact with the Republic of Namibia. The goal of the five-year Compact is to stimulate sustainable economic development by improving Namibias education and training sector, increasing productivity of farm enterprises in rural areas, and promoting growth in Namibias tourism industry through strategic investments.
MCC congratulates the people and Government of Namibia for developing this innovative program that emphasizes the importance of education and training in poverty reduction, said MCC CEO Ambassador John Danilovich. This Compact deepens Namibias ongoing commitment to promoting economic prosperity and the success of its own people. We congratulate the Namibians for their great efforts in creating this Compact and we welcome working with them toward achieving the Compact goals, Ambassador Danilovich added.
The MCC Compact with Namibia will bolster the education sectors effectiveness and efficiency through the improvement of infrastructure and equipment in educational facilities, construction of study and resource centers, and acquisition of textbooks for grades 5 through 12. The Compact also will increase incomes and create employment opportunities through strategic investment in Namibias ecotourism sector and the Etosha National Park. Finally, the Compact will enhance the economic performance of the agricultural sector by supporting the construction of up to five veterinary centers in high volume, under-served livestock areas, introducing effective community-based rangeland management practices, and advancing the business capacity of the Namibian indigenous natural products industry.
Since its inception in 2004, MCC has approved compacts totaling over $6.2 billion with 18 partner countries: Madagascar, Cape Verde, Honduras, Nicaragua, Georgia, Armenia, Vanuatu, Benin, Ghana, Mali, El Salvador, Mozambique, Lesotho, Morocco, Mongolia, Tanzania, Burkina Faso and Namibia.
Millennium Challenge Corporation (MCC), a United States government corporation designed to work with 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 and elimination of extreme poverty. For more information about MCC, visit www.mcc.gov.