WASHINGTON, D.C., and PARIS, FRANCE, October 27, 2020 – The Millennium Challenge Corporation (MCC) and the Organisation for Economic Cooperation and Development (OECD) today announced the signing of a Memorandum of Understanding (MOU) identifying areas for strategic collaboration. Through this partnership, MCC and OECD will aim to strengthen development data and analysis in partner countries, maximize the impact of investments, and promote a more dynamic conversation around catalyzing public and private investment.
The MOU establishes collaboration for analytical tools, processes and learning; advice on specific investments; coordination on development data and blended finance initiatives; and support for joint communications.
“Our partnership with OECD demonstrates MCC’s continued commitment to advancing world-class expertise and greater efficiency to deliver more impactful and more sustainable development outcomes,” said MCC’s Vice President of the Department of Compact Operations Anthony Welcher. “This collaboration will continue to maximize MCC programs in our efforts to reduce global poverty through economic growth.”
“Joining forces with MCC, the OECD and its Development Cluster – the Development Centre, the Development Cooperation Directorate and the Sahel and West Africa Club – strengthen their contribution to inclusive growth, economic restructuring, poverty reduction and sustainable development,” said the OECD’s Deputy Secretary-General Jeffrey Schlagenhauf. “This alliance is more critical than ever not only to unlock sustainable growth but also enhance well-being in developing and emerging economies.”
MCC and OECD previously initiated a partnership in 2017 to augment their diagnostic tools to provide analysis and data, leading to enhanced information for MCC investments decisions. For example, working with the Government of Tunisia, MCC and OECD created the Competition Assessment toolkit that identifies barriers to competition within sectors that have the greatest potential to drive economic growth. Following collaborations in Cote d’Ivoire and Senegal, in 2019, both MCC and the OECD’s Development Centre joined the Country Diagnostics Platform to share best practices and further develop methodologies for identifying constraints to growth and development.
MCC and OECD will continue their strategic collaboration for sharing data to inform investment decisions and advancing reforms to facilitate the right investment environment to unlock economic growth in partner countries.
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 poor countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. Learn more about MCC at www.mcc.gov.
The Organisation for Economic Co-operation and Development (OECD) is an international organization in which governments work together to come up with solutions to common problems, develop global standards, share experiences and identify best practices to promote better policies for better lives around the world. www.oecd.org