Washington, D.C.—The Millennium Challenge Corporation today submitted its fiscal 2016 budget justification to Congress, seeking $1.25 billion for the coming year to support its mission of reducing poverty overseas through economic growth. MCC will use the funds to expand its partnerships in key countries and regions, advance American values and interests worldwide and expand its leadership on data-driven, results-focused development. MCC’s budget justification is part of the president’s overall budget for fiscal 2016.
“Simply put, MCC’s investments yield strong returns for the taxpayer dollar. MCC’s focus on alleviating poverty through economic growth creates trade and investment opportunities for US businesses while its emphasis on governance, policy reform, and shared learning help drive innovation across the development community,” MCC CEO Dana J. Hyde said.
The $1.25-billion budget for MCC represents a $350-million, or 39-percent, increase over the agency’s funding level in fiscal 2015, yet is still below peak funding of $1.7 billion in fiscal 2007.
MCC’s funding request would support the agency’s efforts to:
- Deepen partnerships in Africa, including support for economic development in Liberia and Sierra Leone, two of the countries hardest hit by Ebola.
- Develop new partnerships in Asia, including MCC’s first-ever investment in South Asia (Nepal) and new compacts with the Philippines and Mongolia.
- Support regional integration and address poverty on a wider scale, particularly through legislative language included in this request that would allow MCC to make selective regional investments that facilitate trade flows, yield high economic returns and increase the impact of other MCC investments.
- Better leverage the U.S. and international private sectors as part of MCC compacts.
- Share expertise across the U.S. Government and the development community, including the expansion of data-driven partnerships with the President’s Emergency Plan for AIDS Relief (PEPFAR) and Data2x.
Funding for MCC has led to measurable improvements in the lives of the poorest, and has proven that poor countries will deliver on the promise of prosperity when given the right incentives. The fiscal 2016 request represents an opportunity to expand on the success of this model through continued innovation.
Using a business-minded approach to international development, MCC selects poor countries that demonstrate a commitment to good governance, economic freedom and investments in their citizens. MCC provides partner countries with grants to fund country-led projects that break through barriers to sustainable economic growth.
Read the congressional budget justification online at http://www.mcc.gov/cbj-2016.
Learn more about MCC at www.mcc.gov.