WASHINGTON, D.C., June. 23, 2016 – The Senate Committee on Foreign Relations today passed the M-CORE Act (S. 1605), which would provide the U.S. Government’s Millennium Challenge Corporation (MCC) with authority to pursue regional compact agreements that reduce poverty by reaching beyond borders and enhancing regional integration.
The legislation approved by the Senate Committee on Foreign Relations now awaits action by the full Senate. The House Committee on Foreign Affairs approved legislation giving MCC this same authority as part of the AGOA Enhancement Act of 2015 (H.R. 2845) in November 2015.
MCC CEO Dana J. Hyde today released the following statement:
“Economies do not operate in isolation, and countries can grow faster, create more jobs, and attract more investment when they are part of a dynamic regional market. It is increasingly clear that the path to economic growth and poverty reduction in many of our partner countries lies in regional integration.
“With this new authority, which has advanced in the Senate thanks to the leadership of Chairman Corker and Senators Cardin, Isakson, Flake, and Coons, MCC will be better able to help link markets and customers across borders and accelerate the fight against global poverty.”
Learn more: Maximizing Poverty Reduction through Regional Investments
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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.