A Message From Secretary of State Antony Blinken, Chair of the MCC Board of Directors
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. Seventeen years later, MCC continues to deliver on this mission around the world by combining a private sector approach with years of development expertise. MCC’s unique model is defined by core principles including selectivity, country ownership, transparency and a focus on results. These core principles ensure MCC invests in countries that are committed to good governance, economic freedom and investing in their people. MCC follows the data to produce evidence-based investments designed to maximize economic impact to benefit some of the world’s poorest populations.Through a strong commitment to transparency, accountability and country ownership, MCC’s programs build capacity, ensure sustainability and maximize the use of U.S. taxpayer dollars. These principles are foundational to MCC’s work and continue to shape compact and threshold programs in over two dozen countries around the globe. To date, MCC has signed 38 compacts with 29 countries, worth more than $14 billion, benefiting nearly 188 million people worldwide. The agency’s investments are designed to specifically target a country’s biggest constraints to economic growth and aim to boost economies by providing critical infrastructure and leveraging policy and institutional reform.
Without question, the COVID-19 pandemic created unparalleled challenges, but the agency has continued to deliver on its mission through the strong commitment of its workforce and partner countries. Despite these challenges, MCC celebrated many accomplishments from fiscal year 2021 (FY 2021), including two completed compacts, seven countries in compact implementation, eight countries in compact development.
A Message From Chief Executive Officer Alice Albright
I was deeply honored to be sworn in as MCC’s sixth CEO on February 16, 2022. With an ever-changing global context and the agency fast approaching its 20th birthday, this is a critical time for MCC as we work with partner countries to reduce poverty through sustainable and inclusive economic growth.I would like to thank Mahmoud Bah for having so effectively steered MCC as acting CEO throughout FY2021. MCC’s successes this year are a testament to his steady leadership, and I look forward to working with Mahmoud as MCC’s deputy CEO.
MCC made substantial progress during its 17th year of operations. In FY2021, the agency completed compacts in El Salvador and Libera and a threshold program in Sierra Leone. Together, these programs are expected to benefit nearly one million people and drive key policy and institutional reforms. Through the $277 million El Salvador Investment Compact, MCC helped launch the country’s first public-private partnerships, expand the Coastal Highway, train thousands of teachers, and build or upgrade nearly 50 education centers. MCC also successfully closed a $257 million power compact in Liberia, which funded the rehabilitation of the country’s largest and main power-generation source, doubling Liberia’s hydroelectric capacity and enabled the connection of more than 50,000 new households to the electricity grid. In addition to compact closures, MCC made headway on seven compacts in implementation that are expected to benefit more than 34 million people. In response to unprecedented delays caused by COVID-19, for the first time in our history and with support from Congress, MCC extended five compacts by up to one year to catalyze economic recovery and deliver on the critical work we set out to accomplish.
Looking ahead, MCC is continuing to develop an impressive pipeline of potential compacts in Asia, Europe and Africa—including two concurrent compacts in West Africa to enhance regional integration—and pursuing threshold programs in seven countries. As we move forward with these programs, we are building on MCC’s strong track record of integrating climate resilience, adaptation and mitigation considerations into its programs and seeking new ways to mobilize private investment and promote equity and inclusion. I am also thrilled with the recent ratification of MCC’s compact in Nepal and selection of Zambia and Belize by MCC’s Board of Directors, which will expand MCC’s presence in Southern Africa and return the agency to Central America in FY2022 following the recent completion of Guatemala’s threshold program.
MCC’s operations are guided by its founding principles, which remain as relevant today as at the time of the agency’s creation. These principles are centered on a competitive and data-driven process that reflects American values and the conditions for economic growth. Since 2004, the agency has signed $15 billion in compact and threshold grants across six continents. These high-quality grants—grants that are predictable and do not add to a country’s debt burden—represent a powerful tool for the U.S. Government to incentivize good governance and democratic values at a time when those principles are increasingly under threat. As we look to FY2022, the agency will continue to build on MCC’s track record of working with partner countries to deliver complex and quality infrastructure on time, on budget and with transparency and accountability.
Board of Directors: Fiscal Year 2021
| Antony J. Blinken, Chair Secretary of State
Janet Yellen, Vice Chair Secretary of the Treasury Katherine Tai U.S. Trade Representative Samantha Power Administrator, U.S. Agency for International Development Mahmoud Bah MCC Chief Executive Officer (Acting)[[Alice Albright was sworn in as MCC’s sixth Senate-confirmed CEO on February 16, 2022.]] Alexander (Ander) Crenshaw Former U.S. Representative Mike Johanns Former U.S. Senator and Secretary of Agriculture George Marcus Founder and Chairman of Marcus & Millichap Company Susan McCue President of Message Global LLC |