Washington, D.C. — In celebration of Africa Day, Millennium Challenge Corporation (MCC) CEO Daniel W. Yohannes made the following statement:
“As we commemorate the 48th anniversary of Africa Day today, we celebrate a continent with tremendous promise.
“This week, President Obama and leaders from around the world gather in Deauville, France at the annual G8 summit where they will discuss topics of global importance, including the development of African nations as emerging world markets.
“MCC is a cornerstone of the U.S. effort to promote country-led, country-owned economic growth in Africa. MCC recognizes Africa’s potential. Over 60 percent of our funding is dedicated to those partner countries throughout the continent that have most demonstrated a commitment to good governance and policies that support growth. These countries are poised for the kind of development that can yield real improvements in quality of life and promote regional stability. MCC’s strategic investments aim to unlock that potential for sustained economic growth, job creation and increased incomes of the poor.
“The continent of Africa has seen many changes in the nearly five decades since the first Africa Day was celebrated, and Africa’s future remains bright. We look forward to continue working with our African partners to grow their economies, reduce poverty, and head down the path of long-term prosperity.”
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, 13 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 approximately 40 million people in African partner countries, raising incomes by over $8.8 billion over the life of those investments.