WASHINGTON, D.C., January 17, 2018 – The U.S. House of Representatives today unanimously passed the African Growth and Opportunity Act and Millennium Challenge Act Modernization Act (H.R.3445), which would enable the U.S. Government’s Millennium Challenge Corporation (MCC) to utilize cross-border, regional investments to promote economic growth, maximize poverty reduction, and facilitate increased trade and investment. The legislation will now move to the Senate for consideration.
Reducing global poverty creates a more stable, secure world with opportunities for economic growth at home and abroad. MCC’s investments strengthen global stability and U.S. national security, while increasing opportunities for American businesses.
Following passage by the House, MCC Acting Chief Executive Officer Jonathan Nash released the following statement:
“People, goods, and services move across borders—and so should MCC’s investments. Developing countries can grow faster, create more jobs, and attract more investment when they are part of dynamic regional markets.
With regional authority, we can multiply the benefits and impact of MCC investments, opening new cross-border opportunities to drive growth, reduce poverty, and expand trade while maintaining the agency’s commitment to evidence-based selection, data-driven investment, and accountability.
I am pleased that the full House of Representatives has voted to give MCC the authority to pursue regional investments that will help us maximize poverty reduction. Thanks to the leadership of Chairman Ed Royce and Ranking Member Eliot Engel, as well as Congresswoman Karen Bass and Congressman Chris Smith, the House has taken an important step forward to maximize the effectiveness of foreign assistance.”
Congresswoman Karen Bass released the following statement:
“Passage of this bill in the House is an important step toward advancing stability and security, and opening new markets for trade. MCC investments around the world increase trade opportunities and open new markets for U.S. goods and services.
Allowing MCC to take their projects to the next level by making coordinated regional investments across country borders supports new business opportunities in emerging markets, and helps countries work together to build and grow regional markets.”
Learn more about the Benefits of Thinking Regionally.
The Millennium Challenge Corporation is an independent U.S. Government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to poor countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. Learn more about MCC at www.mcc.gov.