The Millennium Challenge Corporation (MCC) Board of Directors approved the Côte d’Ivoire Regional and Zambia compacts, and authorized MCC’s Fiscal Year (FY) 2025 country selection criteria during its quarterly meeting today.
MCC and the Government of Côte d’Ivoire developed a regional power compact to increase the net quantity of energy Côte d’Ivoire trades on the regional electricity market and help strengthen regional energy security within West Africa The compact will also upgrade Côte d’Ivoire’s electrical grid. The anticipated budget for the program includes $300 million funded by MCC and a contribution of $22.5 million from the Government of Côte d’Ivoire.
Approval of the Zambia Farm-to-Market Compact enables MCC to partner with the Government of the Republic of Zambia to spark inclusive economic growth in the agriculture and agro-processing sectors. Compact investments will lower the cost of transporting goods to markets, increase the availability of equipment for small and medium farmers and processors, increase financing for infrastructure projects that support agriculture, and catalyze reforms in the agriculture sector to attract greater private investment. The budget for the program includes $458 million from MCC and a contribution of $33.75 million from the Government of the Republic of Zambia.
The Board also unanimously endorsed the FY 2025 Selection Criteria and Methodology Report (SCMR). The SCMR outlines the criteria and methodology MCC and the Board will use to measure and evaluate candidate countries’ relative policy performance when making eligibility determinations, including the role of MCC’s country scorecards. The FY 2025 SCMR is the product of consultations with the Board and engagements with a wide range of stakeholders over the past twenty years. The rigorous and transparent nature of MCC’s approach enjoys strong bi-partisan support.
In other business, the Board received an update on the agency’s portfolio and discussed the proposed Mauritania Threshold Program. MCC is actively working with the Government of Mauritania on the design of the program.
The Millennium Challenge Corporation is an independent U.S. government development agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.