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Board of Directors Meeting Summary

Summary of the Nov. 8, 2006 Board of Directors Meeting

November 22, 2006

The following is a summary of the November 8, 2006 meeting of the Board of Directors (the Board) of the Millennium Challenge Corporation (MCC), which was held in closed session at 10:00 a.m. at the U.S. Department of State, Washington, D.C.

  1. The following individuals were present at the meeting:


    • Condoleezza Rice, Secretary of State (Chair)
    • Clay Lowery, Assistant Secretary, International Affairs (Treasury)
      (Representing Henry M. Paulson, Jr. (Vice Chair), Secretary of Treasury)
    • Randall Tobias, Administrator, USAID
    • Susan C. Schwab, U.S. Trade Representative  
    • John J. Danilovich, Chief Executive Officer, MCC
    • Kenneth F. Hackett
    • Christine Todd Whitman

    OTHER PARTICIPANTS (at all or a portion of the meeting):  Josette Sheeran (State); Rachel Bayly (Treasury); Peter Delp (USAID); Mary Ryckman (USTR); David McCormick (NSC); W. Geoff Anderson (MCC); Jamieson Davies (with Mr. Hackett); Thomas Gibson (with Gov. Whitman); Rodney Bent (MCC); Maureen Harrington (MCC); Matthew McLean (MCC); Frances McNaught (MCC); Michael Ryan (MCC); Stephen Groff (MCC); Sherri Kraham (MCC); Alicia Mandaville; Bradley Parks (MCC); Stacy Rhodes (MCC); Vince Ruddy (MCC); Maura Griffin (MCC); Joyce Lanham (MCC); John Mantini (MCC); Suzi Morris (MCC); Patricia Trefry (MCC); Wesley Moore (State); Michael Pascual (State); and Susan Meyer (State).

  2. Administrative Resolutions. The Board approved the minutes of the September 12, 2006 Board and Audit Committee meetings.
  3. CEO Update. The MCC CEO updated the Board on MCC operations, including an update on anticipated compact signings with Mali and El Salvador; MCC’s progress with current Compact and Threshold countries; FY 2007 budget and funding needs; status of legislation that would enable concurrent Compacts with an eligible country and compact programs to run longer than five years; and an initiative to engage the private sector in areas of common interest to MCC.
  4. FY 2007 MCA Eligibility and Threshold Selections. The MCC CEO updated the Board on Millennium Challenge Account (MCA) and Threshold-eligible countries for FY07, including re-selection of current MCC Compact and Threshold countries and selection of new countries. Twenty (20) countries were selected as MCA-eligible Low Income Countries (Armenia, Benin, Bolivia, Burkina Faso, East Timor, Georgia, Ghana, Honduras, Lesotho, Madagascar, Mali, Mongolia, Mozambique, Nicaragua, Senegal, Sri Lanka, Tanzania, Vanuatu, Moldova (new), and Ukraine (new)) and four (4) countries were selected as MCA-eligible Lower Middle Income Countries (Cape Verde, El Salvador, Namibia, and Jordan (new)). Thirteen (13) countries were selected as FY07-eligible for MCC’s Threshold Program (Guyana, Indonesia, Kenya, Kyrgyz Republic, Malawi, Paraguay, Philippines, Sao Tome and Principe, Uganda, Zambia, Niger (new), Rwanda (new), and Peru (new)) .
  5. El Salvador Compact. The MCC CEO provided a brief update of the proposed El Salvador Compact. The projects highlighted in the five-year compact program, include: (1) Human Development (education and community activities); (2) Productive Development (business, investment and financial services); and (3) Connectivity (roads). After a brief discussion, the Board unanimously approved signing the Compact with El Salvador.
  6. The meeting adjourned at approximately 11:15 a.m.