Washington, D.C. - Last night during the State of the Union address, President Obama laid out a blueprint for a U.S. economy that is “built to last.” The mission of the U.S. Government’s Millennium Challenge Corporation (MCC) is to reduce poverty through economic growth in developing countries around the world. MCC's goal is not only to help poor countries rise out of poverty, but also to create stable trading and investment partners for the United States over the long-term, which will mean more jobs here at home.
MCC, which was created by the U.S. Congress eight years ago with strong bipartisan support, is changing the conversation about how best to deliver smart U.S. foreign assistance by focusing on economic growth and opportunity, sustainability, accountability and results.
MCC employs a business-like approach to alleviate poverty in its partner countries—a model widely seen as the cutting edge of foreign assistance. It analyzes constraints to growth, calculates economic rates of return and invests in areas that hold the greatest promise for sustainable growth. It also incentivizes policy reforms, creating an environment where trade and investment can flourish. Through this approach MCC is creating a gateway to opportunity for local and American companies.
Helping these countries achieve self-sufficiency strengthens our economy and enhances our national security. President Obama said, “I will go anywhere in the world to open new markets for American products.” MCC’s work worldwide to build next generation emerging markets helps achieve this goal. Studies show that for every 10 percent increase in exports, U.S. jobs grow by 7 percent. With 95 percent of the world’s consumers living outside the United States, exports support more than 10 million U.S. jobs.
MCC’s way of delivering development assistance reinforces conditions for private investment, which is the engine for growth, jobs, higher incomes, and increased trade. Our own prosperity and economic strength are linked to the prosperity and economic strength of countries around the world.
For more information about MCC please go to www.mcc.gov
The Millennium Challenge Corporation (MCC) is an innovative and independent U.S. Government foreign aid agency that is helping lead the fight against global povertythrough the promotion of sustainable economic growth. MCC is based on the principle that aid is most effective when it reinforces good governance, economic freedom and investments in people. To learn more about MCC please visit www.mcc.gov