Press Release

For Immediate Release

July 15, 2008

Contact: 202-521-3850

Email: info@mcc.gov

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.

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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.