WASHINGTON (September 5, 2024) – Millennium Challenge Corporation (MCC) Chief Executive Officer (CEO) Alice Albright joined Belize Prime Minister John Briceño, Wednesday, in signing the $125 million Belize Compact designed to deliver sustainable and inclusive economic growth for the people of Belize.
The $125 million grant — which will be further supported by an additional $40.6 million commitment from the government of Belize — is a five-year program that will work to equip high school graduates with in-demand skills, increase their employment opportunities, and lower the cost of electricity in Belize. U.S. Ambassador Michelle Kwan and Minister of State in the Ministry of Finance, Economic Development and Investment, Christopher Coye also participated in the signing ceremony, which took place in Belize City.
“We are signing this ambitious program in hopes of delivering improvements in the key sectors of education and energy, both of which are critical to Belize’s long-term economic growth,” said MCC CEO Alice Albright. “With more affordable energy and a better-trained workforce equipped with 21st century skills, Belize’s economy will be better positioned to bring prosperity to its people.”
The Belize Compact supports Belizean efforts to address constraints to economic growth and will be implemented by the Millennium Challenge Account (MCA) - Belize, a new entity created by the government of Belize specifically to lead implementation of this compact program.
“This partnership between MCC and our government will enhance the development of Belize and our people,” said Prime Minister Briceño.
The Belize Compact consists of two projects:
The Education Project supports Belize’s secondary education and technical and vocational education training (TVET) sector. The project will invest in training and resources for teachers and school leaders, work to equitably increase the number of students who complete high school, establish an education quality assurance system, and create a National Training Agency to implement TVET programs that meet labor market needs.
The Energy Project seeks to reduce the wholesale cost of electricity. It will provide technical and supervisory support for utility scale solar power projects, facilitate new solar power purchase agreements with independent power producers, and modernize the power grid to accommodate variable renewable energy, including battery energy storage systems.
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 countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
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