Press Statement

Millennium Challenge Corporation, India Ministry of External Affairs Announce Cooperation to Promote Economic Growth

For Immediate Release

January 13, 2017

NEW DELHI, Jan. 13, 2017 – Today, the U.S. Government’s Millennium Challenge Corporation (MCC) and the Ministry of External Affairs of India (MEA) released a joint statement announcing their intent to share information and knowledge to promote economic growth and reduce global poverty. Through their cooperation, MCC and MEA seek to strengthen regional integration, particularly in the areas of energy, trade and investment.

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. This cooperation does not involve funding and is independent of any MCC compact or threshold program partnerships.

The full joint statement can be found below:

JOINT STATEMENT ON COOPERATION BETWEEN THE MILLENNIUM CHALLENGE CORPORATION OF THE UNITED STATES OF AMERICA AND THE DEVELOPMENT PARTNERSHIP ADMINISTRATION OF THE MINISTRY OF EXTERNAL AFFAIRS OF INDIA

The United States of America and the Republic of India share a strong commitment to promoting economic growth and development, and regional cooperation and connectivity.  In this spirit of engagement, the Millennium Challenge Corporation (MCC), a United States government agency that provides eligible countries with grants to fund country-led solutions for reducing poverty through sustainable economic growth, and the Development Partnership Administration of the Ministry of External Affairs of India, which looks after the implementation of India’s development cooperation programmes with partner countries, hereinafter referred to as “Participants,” intend to cooperate for their mutual benefit.

COMMON GOALS

The Participants share a vision of reducing poverty globally through sustainable economic growth.  Based on this shared vision, they intend to cooperate with the goal of advancing their mutual interests to strengthen regional integration and connectivity, particularly in the areas of energy, trade, and investment.  The Participants see a mutual benefit in collaborating to share information, knowledge, and technical expertise.

NATURE OF THE COOPERATION

The Participants contemplate pursuing a range of activities designed to promote sustainable economic growth; identifying and developing strategic opportunities; and cooperating at the country or regional level in mutually-identified countries or regions (“Partner Countries”).

The Participants may collaborate on topics and projects such as the following:

A. Exchange of information and experience in relevant sectors or issues pertaining to project development or implementation in Partner Countries;

B. Providing advisory or technical assistance to Partner Countries regarding sector policy reform, project and sector management, project implementation, and economic growth promotion strategies in relevant sectors;

C. Facilitating site visits  to cross-border or other relevant projects; and

D. Capacity building of Partner Countries.

The Participants may meet periodically to discuss the status of activities conducted in connection with their cooperation and to identify additional opportunities for cooperation.

DURATION OF COOPERATION

The Participants expect the cooperation described in this Joint Statement to continue for a period of five years from the date of this Joint Statement.

 

Dated: January 13, 2017