Millennium Challenge Corporation
A US Government-run corporation giving billions in taxpayer aid to developing foreign countries to fight against global poverty
January 8, 2010
The Millennium Challenge Corporation (MCC) is a U.S. taxpayer-funded, independent U.S. foreign aid agency that is spending billions of dollars to fight against global poverty in developing foreign countries.
The MCC Board of Directors is composed of Secretary of State Hillary Clinton as Chair, Secretary of Treasury Timothy F. Geithner as Vice Chair, the U.S. Trade Representative, the Administrator of USAID, the CEO of the MCC and four public members appointed by the President of the United States with the advice and consent of the U.S. Senate. MCC Board of Directors
MCC has approved over $7.4 billion in U.S. taxpayer dollars in compact and threshold programs worldwide that support country-determined projects in such sectors as:
agriculture and irrigation,
transportation (roads, bridges, ports),
water supply and sanitation,
access to health,
finance and enterprise development,
land rights and access,
access to education.
In December, 2009, the U.S. Senate passed the FY2010 Omnibus Appropriations Bill, which included a $1.105 billion budget for Millennium Challenge Corporation's (MCC) work to reduce poverty through economic growth. The FY10 budget number represents a 26 percent increase over MCCs budget in FY2009.
MCC has funded compact programs in 19 countries and has funded 21 threshold programs to date. Countries are using their Millennium Challenge grants to train farmers, register property rights, build roads and bridges to better access markets, immunize children, open schools, irrigate land, and install water and sanitation systems.
So far the MCC has spent $6.9 Billion in Poverty Reduction Compacts in:
The MCC has spent $470 Million in Poverty Reduction Threshold Programs in:
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For more information about the Millennium Challenge Corporation, go to www.mcc.gov.