December 13, 2009
U.S. Congress Approves Over $1 Billion FY2010 Budget for MCC
FY2010 figure represents a 26 percent increase over FY2009 budget
Washington, D.C. The U.S. Senate today passed the FY2010 Omnibus Appropriations Bill, which includes a $1.105 billion budget for Millennium Challenge Corporation’s (MCC) work to reduce poverty through economic growth. The FY10 budget number represents a 26 percent increase over MCCs budget in FY2009, signifying Congress strong support of MCCs mission to work with some of the poorest countries to find sustainable solutions to global poverty. The House of Representatives passed the measure on Thursday, December 10.
MCC is expanding opportunities for the worlds poor. With the strong support and dedication to reduce poverty from members of Congress, together we will build on our progress, said Mr. Daniel Yohannes, MCC Chief Executive Officer, who was recently confirmed by the U.S. Senate in November.
Going forward, MCC is prepared to become an even more effective tool of U.S. global engagement in the fight against global poverty. We will work to show more results, be more innovative, and find more ways to involve and encourage the private sector. I know Congress will be a tremendous partner as we strive to fulfill our great potential.
The MCC Board of Directors recently approved Jordan, Malawi, the Philippines, Indonesia, and Zambia as eligible to continue the process of developing compacts in fiscal year 2010. MCC will sign a $262 million compact with Moldova in early 2010.
MCC programs are designed to maximize sustainable poverty reduction by fostering broad-based economic growth. Grants, or compacts, are provided to countries striving to practice sound political, economic, and social policies. Solutions must be homegrown by the countries themselves, so they own them from design through implementation. MCC works with a wide array of stakeholders within each partner country to ensure that projects reflect the priorities of a countrys citizens and take into account the role of gender and the impact on the environment. Projects are designed to measure results, reach benchmarks, and achieve lasting outcomes.
MCC has funded compact programs in 19 countries and has funded 21 threshold programs to date. Countries are using their Millennium Challenge grants to train farmers, register property rights, build roads and bridges to better access markets, immunize children, open schools, irrigate land, and install water and sanitation systems.
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Millennium Challenge Corporation (MCC), a United States Government agency 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 help eliminate extreme poverty. For more information about MCC, visit www.mcc.gov.