A Message from Secretary of State Antony Blinken, Chair of the MCC Board of Directors
As Chair of the Millennium Challenge Corporation (MCC) Board of Directors, I am proud to report that MCC continues to deliver remarkable results in reducing poverty and advancing U.S. foreign policy interests around the world. Under Chief Executive Officer Alice Albright’s leadership, MCC is fostering sustainable economic growth, encouraging good governance, and improving lives where our help is needed most. The collaboration between the Department of State and MCC is strong and integral to our joint success. We take very seriously our responsibility to U.S. taxpayers and our partners to ensure that every development investment delivers the greatest possible impact.
In the 20 years since its creation, MCC has provided nearly $17 billion through 48 compacts and 32 threshold programs in 48 countries, benefiting nearly 400 million people worldwide—concrete evidence that the United States supports our partners and the people of the Global South. Debt-free investments in critical sectors like energy, water, transportation, and agriculture are part of a holistic approach to promote sustainable growth with transparency and accountability. By creating powerful incentives for sound democratic and economic governance, MCC’s unique development model encourages partner countries to reform their policies at the national, sectoral, and institutional levels to unlock long-term economic growth and self-sustaining progress. At the heart of this model is MCC’s commitment to inclusive, country-owned development, empowering partners to lead and implement development strategies that reflect broad-based input from government, civil society, the private sector, and residents.
MCC embraces the principle that development should work to solve problems, change lives, and create a future of greater freedom, democracy, opportunity, and dignity. I am confident that MCC will continue to deliver in ways that guide countries toward self-sufficiency, serving our shared interests and advancing our common prosperity for the American public and people around the world.
A Message from Chief Executive Officer Alice Albright
Over the course of 2024, the Millennium Challenge Corporation celebrated its 20th anniversary. During the last two decades, MCC has worked in 48 countries across multiple sectors—investing almost $17 billion, in a way that is expected to uplift nearly 400 million people. This year’s celebrations served not just as an opportunity for us to reflect on two decades of making an outsized impact in developing countries, but also a time for us to look toward the future. That means leaning into what works, adapting where needed, and continuing to help partner nations reduce poverty through economic growth.
MCC remains committed to this cause. With more than $5 billion in active compact and threshold programs across 19 countries and additional programs in the pipeline, MCC is working with democracies to deliver for people across a wide array of needs, including improved access to education, affordable and consistent electricity, reliable market access, and laws that support gender and inclusion. MCC’s current active compacts are expected to benefit over 133 million people around the world.
Just this year, the agency signed or launched agreements granting over $2 billion in assistance. MCC signed compacts with Belize ($125 million) and Sierra Leone ($480 million), and officially launched programs in Kosovo ($202 million), Lesotho ($300 million), Malawi ($350 million), Kenya ($60 million), and Indonesia ($649 million). Additionally, our teams have been hard at work on program development for the newest partnerships selected by our Board of Directors in the Philippines, Tanzania, and Cabo Verde.
As a data-driven organization, MCC is designed to adapt. The world—and especially the countries where MCC works—faces challenges related to regional conflict and instability, debt sustainability and access to development finance, and the rapid digitalization of the global economy. MCC is uniquely equipped to meet the moment.
I am pleased to share MCC’s Annual Report for Fiscal Year 2024. This report highlights how MCC drives progress and creates new opportunities for economic growth. As Chief Executive Officer, I am proud of MCC’s ongoing commitment to good governance, poverty reduction, and inclusion in our program selection and development. I remain grateful to our staff, stakeholders, and partners for their unwavering work to create meaningful and long-lasting change.
Board of Directors: Fiscal Year 2024
The Millennium Challenge Act provides that the MCC Board of Directors (the Board) shall consist of five government officials and four individuals from the private sector who are appointed by the president with the advice and consent of the Senate. For Fiscal Year 2024, the Board had three vacancies but maintained quorum with one private sector member appointment. The Board meets quarterly.
Antony J. Blinken, Chair Secretary of State
Janet Yellen, Vice Chair Secretary of the Treasury
Katherine Tai U.S. Trade Representative
Samantha Power Administrator, U.S. Agency for International Development
Alice Albright MCC Chief Executive Officer
Alexander (Ander) Crenshaw Former U.S. Representative