August 9, 2007
MCC Board of Directors Approves $697.5 Million Poverty Reduction Grant to Morocco
Largest Grant to Date will Spur Economic Growth, Improve Employment
Read the fact sheet.
Washington, D.C.The Millennium Challenge Corporations Board of Directors, today, approved a five-year, $697.5 million Millennium Challenge Compact with the Kingdom of Morocco. The largest grant MCC has awarded to date, the Compact seeks to stimulate economic growth by increasing productivity and improving employment in high potential sectors including investments in fruit tree productivity, small-scale fisheries, and artisan crafts. Small business creation and growth will be supported also by investments in financial services and enterprise support.
The program has the potential to spur sustainable economic growth by stimulating expansion in high potential sectors. The Compact is expected to increase Moroccos GDP by approximately $118 million annually and directly benefit a total of 600,000 families.
MCC congratulates Moroccans for developing a comprehensive program that encourages growth and job creation, said MCC CEO Ambassador John Danilovich. This agreement complements the Government of Moroccos national growth strategy which aims to modernize and strengthen industrial sectors. MCC is proud to support Moroccos efforts to improve the lives of its citizens. MCC also thanks Ambassador Riley and his staff at the U.S. Embassy for their invaluable assistance throughout Compact development.
Following MCC Board approval, there isa fifteen day Congressional notification period before the Compact can be signed. MCC anticipates signing the Compact by the end of August.
Millennium Challenge Corporation (MCC), a United States government corporation designed to work with some of the poorest countries in the world, 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