Washington, D.C. — Millennium Challenge Corporation (MCC) Chief Executive Officer Daniel W. Yohannes made closing remarks at the 2010 African Growth and Opportunity Act (AGOA) Forum in Washington, D.C. today.
AGOA represents a progressive U.S. trade and investment policy toward the continent that is reducing barriers to trade, increasing diversified exports, creating jobs and expanding opportunities for Africans. AGOA provides trade preferences to designated countries that are making progress in economic and political reforms. There are currently 38 Sub-Saharan African countries that can take advantage of the trade benefits.
"We hope that this AGOA forum in Washington generates new ideas for improving Africa’s ability to participate in the global market place. This engagement will help alleviate poverty and produce political stability in AGOA’s second decade,â€ Mr. Yohannes stated. "Now more than ever, America’s prosperity and security are linked with that of the developing world, including in Africaâ€ Mr. Yohannes added.
African countries are the largest recipient of MCC’s development assistance. Over 70 percent—more than $5 billion of MCC’s global portfolio of $7.5 billion—benefits the people of Africa. MCC also helps African partner countries take greater advantage of AGOA opportunities—and other trading relationships—by building sound policies vital for trade and the physical links through which trade can flow.
MCC partnerships throughout Africa demonstrate how development assistance can attract the private sector and bolster trade. Through MCC investments, countries can become better partners for trade, which empowers them to fulfill AGOA’s vision for stronger business relations and greater opportunities for private sector investment and commerce.
Following the AGOA Forum in Washington, D.C., MCC will also participate in the AGOA Forum sessions in Kansas City, Missouri, to discuss private sector opportunities in Africa, specifically related to agriculture-related companies.
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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.