WASHINGTON, D.C., March 31, 2021 – The Millennium Challenge Corporation’s (MCC) Board of Directors met today, March 31, to hear about the agency’s current investment portfolio from MCC Acting CEO Mahmoud Bah as well as the MCC’s strategic direction from Deputy CEO Alexia Latortue.
This was the first quarterly meeting for U.S. Secretary of State Antony Blinken since assuming his role as Chair of the Board of Directors.
“We’re building on a strong foundation,” said Secretary Blinken. “The work we do together will reduce poverty, drive growth, and promote stability and opportunity – all of which will help improve people’s lives around the world, and all of which ultimately serves the interests of the American people.”
The Board also received an in-depth update on the success of the Liberia Compact, which closed in early 2021. The $257 million MCC-Liberia Compact funded the rehabilitation of Liberia’s largest power source, the Mt. Coffee Hydropower Plant; supported the creation of an independent energy sector regulator; developed a training program for technicians in the electricity sector; supported improved delivery of electricity services by the Liberia Electricity Company; and established a data-driven road maintenance system.
“MCC leverages its grant investments to help partners undertake policy and institutional reforms to enable the sustainability of projects as well as to enhance the enabling environment for private sector-led growth,” added Bah. “Secretary Blinken, Acting Administrator Steele, and the other Board members in attendance at today’s meeting only reinforces a whole-of-government approach to promote democracy and reduce poverty.”
MCC provides large grants to developing countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights, as evaluated by MCC’s scorecard. MCC takes a business-like approach, with bedrock commitments to data, accountability, and evidence-based decision making.
Read more about the Liberia Compact.
Read more about where MCC is working.
Read more about MCC’s Board of Directors.
Find out more about MCC’s selection process on our Who We Select web page.