Washington, D.C.—The U.S. Government’s Millennium Challenge Corporation’s (MCC) Chief Executive Officer Daniel W. Yohannes today appeared before the House Appropriations Subcommittee on State and Foreign Operations to discuss President Obama’s Fiscal Year 2012 budget request for MCC.
President Obama delivered his FY 2012 budget proposal to Congress in February, including $1.125 billion for MCC to continue its mission to reduce poverty through economic growth.
In his testimony before the subcommittee, Mr. Yohannes emphasized that MCC’s distinctive approach to development assistance — with its focus on economic growth, sustainability, country ownership, and accountability—is delivering results and providing a strong return on American taxpayers’ investments. MCC is working to build the next generation of emerging markets, which provides opportunities not only to poor people in MCC partner countries but also to American businesses and our own citizens.
"My background is in banking, and I bring a banker’s perspective to my role as CEO of MCC,â€ stated Mr. Yohannes. "I have a client — the U.S. taxpayer. I have a partner — the countries receiving MCC assistance and the citizens they represent. And I have a goal — to get the best return on America’s investment.â€
Since its creation in 2004, MCC has partnered with 22 countries, investing $7.9 billion in the fight against poverty. MCC investments are expected to benefit more than 171 million people in the poorest countries around the world, raising incomes by $12.3 billion over the life of current investments.
Over the next year, MCC anticipates partnering with six eligible countries: Indonesia, Malawi, Zambia, Cape Verde, Ghana, and Georgia. These nations, which account for more than six percent of the world’s population living under $2 a day, have been selected as MCC partners because their sound policies provide a solid foundation for growth and measurable development results.
MCC has also played a strong role in contributing to President Obama’s foreign policy priorities, including promoting global stability through development and supporting new aid initiatives such as food security and fiscal transparency. Lessons learned from MCC over the last seven years helped to inform the 2010 Presidential Policy Directive (PPD) on Global Development Policy, and MCC is playing an integral role in implementing the PPD’s focus on economic growth, selectivity, country-led planning, transparency, and accountability for results.
Mr. Yohannes’ prepared testimony is available here: http://www.mcc.gov/documents/press/testimony-2011001054401-2011hacfo.pdf
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