President Trump Requests $800 Million for Millennium Challenge Corporation
For Immediate Release
May 23, 2017
WASHINGTON, D.C., May 23, 2017 – President Donald J. Trump today delivered his fiscal year 2018 budget proposal to Congress, including $800 million for the U.S. Government’s Millennium Challenge Corporation (MCC) to continue its mission of fighting global poverty through economic growth. MCC’s time-limited grant investments promote economic growth and create more stable, secure countries with new business opportunities abroad for American firms.
MCC’s fiscal year 2018 budget request will support the development and implementation of MCC programs in 26 countries with a combined population of about 118 million people living on less than $1.90 per day. This request will not only advance good governance and economic growth around the world, but also make lasting improvements in the lives of the poor and strengthen institutions so partner countries can better deliver much-needed services to their own people.
MCC helps its partner countries create the right conditions for investment to support sustained economic growth that endures long after the agency’s five-year compacts come to an end. Investments by MCC have leveraged more than $6 billion in additional investments and commitments from the private sector and other development partners.
Full funding of this request will provide the agency the resources it needs to:
- Support grants to new partner countries, including Mongolia, Senegal and Sri Lanka − three countries that are located in strategically significant regions of the world − and new threshold programs to improve policy performance and strengthen institutions in Timor-Leste and Togo. Additionally, the compact development process for a number of other MCC partner countries is also reliant on FY 2018 funding, including Burkina Faso and Tunisia.
- Invest in infrastructure that connects some of the world’s poorest people to jobs, markets and opportunities by helping partner governments deliver services like clean water, reliable electricity, roads, land rights, and schools to their people.
- Leverage MCC investments to promote sustainable growth led by the private sector. MCC’s compact programs improve the environment for private business and innovation through significant policy, legal, regulatory and institutional reforms. These reforms make MCC’s partner countries more attractive to foreign investors, including private firms that can partner with public entities through public-private partnerships to more effectively deliver, operate and maintain much-needed services.
- Operate with a lean workforce and small overseas footprint. With cost-effective projects, a lean staff, and an evidence-based approach, MCC is a good investment for the American people.
View MCC’s complete FY2018 Congressional Budget Justification.