Millennium Challenge Corporation (MCC) Chief Executive Officer (CEO) Alice Albright will testify before the Senate Appropriation Committee’s State, Foreign Operations, and Related Programs Subcommittee at 2 p.m., May 15, 2024.
The hearing, focused on strengthening American competitiveness, will address President Biden’s fiscal year 2025 budget request for each agency. Albright, U.S. International Development Finance Corporation (DFC) CEO Scott Nathan, and President and Chair of the Export-Import Bank of the United States (EXIM) Reta Jo Lewis, will defend the budget requests for their agencies. The testimony will be livestreamed.
The requested FY25 budget for MCC seeks $937 million in discretionary funding for poverty-reducing programs in emerging democracies around the world. Additionally, the President’s Budget includes at least $200 million as a transfer to MCC from a new International Infrastructure Fund as part of a broader mandatory proposal to out-compete China globally.
MCC also seeks a bi-partisan and bi-cameral legislative change that would bring MCC’s resources to bear in 30 additional Latin American, Caribbean, African, Eastern European, Asian, and Pacific Island countries.
The Millennium Challenge Corporation is an independent U.S. government development agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.