WASHINGTON, D.C. – October 3, 2018 – Millennium Challenge Corporation (MCC) Vice President of the Department of Congressional and Public Affairs Karen Sessions issued the following statement after the U.S. Senate passage of the Better Utilization of Investments Leading to Development (BUILD) Act of 2018:
“Passage of this important legislation will make the U.S. more competitive within the international development landscape. The new IDFC will help to promote economic growth around the world by further incentivizing private sector investment in developing economies.
MCC is pleased to see key principles of our model – such as the constraints analysis – integrated in the BUILD Act. MCC’s expertise in basing investment decisions on evidence and economic analysis, leveraging private sector investment, and incentivizing policy and institutional reforms stands to make a significant contribution to the overall impact of this legislation.”
The BUILD Act establishes the United States International Development Finance Corporation (IDFC). The new IDFC would utilize the core principles of MCC’s investment model as well as MCC’s constraints to growth analysis and agency data for identifying factors impeding economic growth in a country, assessing the environment for crowding in the private sector, and recognizing investment opportunities.
The BUILD Act was passed by the U.S. House of Representatives on September 26, 2018. The legislation will now go to President Donald J. Trump for his signature.
The Millennium Challenge Corporation is an independent U.S. government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to low-income countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. Learn more about MCC at www.mcc.gov.