Washington, D.C.—The U.S. Government’s Millennium Challenge Corporation (MCC) Vice President for Compact Operations, Patrick Fine, today appeared before the U.S. House Foreign Affairs Subcommittee on Africa, Global Health and Human Rights to discuss MCC’s distinctive, results-oriented approach to development and President Obama’s Fiscal Year 2012 budget request for MCC. Mr. Fine joined Assistant Secretary of State for African Affairs Johnnie Carson and U.S. Agency for International Development African Bureau Senior Deputy Assistant Administrator Sharon Cromer 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 U.S. assistance to Africa and the unique role that MCC plays in advancing American interests by reducing poverty and promoting good governance in Africa.
"I have witnessed remarkable progress in the over thirty years that I have been living and working in Africa, and I have seen the vital role that U.S. assistance has played in increasing access to education, combating disease, promoting human rights, and strengthening market economies,â€ stated Mr. Fine. "The MCC is a specialized instrument that works with poor but well-governed countries. Our programs build capacity, including trade capacity, and strengthen relationships with important emerging economies in Africa and around the world.â€
Since its creation, MCC has partnered with 23 countries, investing more than $8 billion around the world in the fight against poverty. Of these 23 MCC Compacts signed to date, 14 have been with African countries, where two-thirds of MCC funds are dedicated.
MCC’s current investments in Africa of nearly $5.5 billion are expected to benefit roughly 40 million people in African partner countries, raising incomes by over $8.8 billion over the life of those investments.
Mr. Fine’s testimony as prepared for delivery may be found here.
To learn more about MCC’s work in Africa visit: http://www.mcc.gov/documents/press/factsheet-2010002014606-africaprograms.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.