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Press Release

Statement by MCC CEO Hyde on SFRC Approval of Regional Investments for MCC

For Immediate Release

December 6, 2016

WASHINGTON, D.C., December 6, 2016 – The Senate Foreign Relations Committee today passed an amended version of H.R. 2845, the AGOA Enhancement Act of 2015, which would give the U.S. Government’s Millennium Challenge Corporation (MCC) the authority to pursue regionally focused, cross-border investments that reduce global poverty. The bill, as amended by the Senate to include the M-CORE Act (S.1605), also reinforces MCC’s evidence-based approach and emphasis on economic justifications for the projects it funds, and requires reporting on civil society in potential partners. The SFRC language also asks MCC to look into the feasibility of developing partnerships at the sub-national level.

This legislation now awaits action by the full Senate and House. If passed, MCC will be able to:

  • Help countries work together to build and grow regional markets;
  • Improve regional power, transport, and water networks to reduce costs;
  • Increase benefits by capturing economies of scale;
  • Facilitate increased trade and investment; and,
  • Help generate new opportunities for U.S. and international companies.
Following passage, MCC CEO Dana J. Hyde today released the following statement:

“After more than 10 years of successfully delivering large, complex infrastructure projects that empower the poor, MCC is well-positioned to link markets and customers across borders. Developing countries can grow faster, create more jobs, and attract private investment when they are part of dynamic regional markets.

“With this new authority, which has advanced in the Senate thanks to the leadership of Chairman Corker and Senators Cardin, Isakson, Flake, and Coons, MCC can maximize its impact in the fight against global poverty.”

MCC works with competitively selected countries to develop and implement large, five-year grants that advance economic growth, raise incomes and attract private-sector investment. Partner countries must meet rigorous standards for good governance, from fighting corruption to respecting democratic rights, as measured by their performance on MCC’s annual scorecard. Over the past 12 years, MCC has signed 33 compacts that are expected to benefit roughly 175 million people.

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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. Learn more about MCC at www.mcc.gov