Washington, D.C.—The U.S. Government’s Millennium Challenge Corporation (MCC) Board of Directors held its quarterly meeting on September 17, 2014. The Board approved revisions to the annual Selection Criteria and Methodology Report, used to determine which countries will be eligible to receive fiscal year 2015 funding. The report now provides greater clarity and transparency with regard to MCC’s country selection process.
For the first time, the report also provides more clarity and transparency on criteria used to determine country eligibility for subsequent compacts. These include successful implementation of first compacts, improved policy performance over the life of MCC’s partnership with candidate countries and sustained commitment to reforms that impact key growth sectors. The recently approved Ghana Power Compact was highlighted as an example of the latter.
The Board of Directors also received a briefing on the potential opportunities and challenges of regional partnerships. Regional investments, which would require new authorities, could enhance MCC’s ability to achieve sustainable economic growth and reduce poverty in developing countries by addressing cross-border challenges. The board expressed its support for MCC to further develop the regional partnerships concept.
The Board was informed that, in light of steps the Government of El Salvador has taken to improve the investment climate and strengthen the rule of law, and after extensive USG collaboration and coordination, MCC will move forward with signing the Board-approved compact with El Salvador.
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MCC is an innovative and independent U.S. agency that is working to reduce global poverty through economic growth. Created by the U.S. Congress in January 2004, with strong bipartisan support, MCC provides time-limited grants and assistance to countries that demonstrate a commitment to good governance, investments in people and economic freedom.