Press Release

U.S. and Mongolia to Sign MCC Compact worth $285 million To Reduce Poverty through Economic Growth

For Immediate Release

October 19, 2007

President Bush will sign agreement with President of Mongolia Nambaryn Enkhbayar on Monday, October 22 at the White House

Washington, D.C. — The Millennium Challenge Corporation announced today that President George W. Bush and Mongolian President Nambaryn Enkhbayar will sign a five-year, nearly $285 million, foreign assistance package for Mongolia designed to reduce poverty by stimulating economic growth.  The signing ceremony will take place on Monday, October 22nd, at the White House with MCC’s CEO John Danilovich in attendance.

The MCC Compact with Mongolia is designed to increase economic opportunities for the poorest Mongolians by focusing on transportation, property rights, education and health.

With the signing of the Compact with Mongolia, MCC now has compacts with 15 partner countries in Africa, Central America, Eurasia and the Pacific, totaling nearly $4.9 billion.

On Tuesday, October 23rd, MCC and the Government of Mongolia will hold a public outreach event at MCC Headquarters to discuss details of the Compact.  For more information about the public outreach event, please visit the Mongolia Public Outreach page.