Washington, D.C.—The U.S. Government’s Millennium Challenge Corporation (MCC) Vice President of Compact Operations, Patrick Fine, today appeared before the U.S. Senate Foreign Relations Committee’s Subcommittee on African Affairs to discuss the Fiscal Year 2012 budget for Africa. Mr. Fine joined Johnnie Carson, Assistant Secretary of State for African Affairs at the U.S. Department of State; Rajakumari Jandhyala, Deputy Assistant Administrator for the U.S. Agency for International Development (USAID); and Eric Goosby, U.S. Global AIDS Coordinator, at the hearing.
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 Committee, Mr. Fine discussed MCC’s unique approach to development in Africa as well as its collaboration with other U.S. agencies to ensure that U.S. taxpayer dollars are being used efficiently.
"The MCC is a specialized tool that works with poor but well-governed countries in Africa and around the world,â€ stated Mr. Fine. "Our programs build capacity and strengthen relationships with Africa’s emerging economies.â€
Since its creation, MCC has partnered with 22 countries, investing nearly $8 billion in the fight against poverty. Of the 22 MCC Compacts signed to date, 13 have been with African countries. Seventy percent of MCC funds are dedicated to partner countries in Africa, which is home to more impoverished nations than any other continent.
MCC concluded its first compacts last year, when its programs in Honduras and Cape Verde ended, and will close out compacts with five more countries in 2011.
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.
You may find Mr. Fine’s prepared testimony here: http://www.mcc.gov/documents/press/testimony-2011001057301-2011sfrcafricasubcmte.pdf
Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic, and social policies that promote poverty reduction through economic growth. For more information, please visit www.mcc.gov