Millennium Challenge Corporation Signs Poverty Reducing Grants with Morocco and Guyana

Morocco and MCC Sign $697.5 Million Grant to Spur Economic Growth, and Increase Employment Opportunities

On August 31, 2007, His Majesty King Mohammed VI, Millennium Challenge Corporation CEO Ambassador John Danilovich and Moroccan Minister of Finance Fathallah Oualalou signed a $697.5 million Compact designed to stimulate sustainable economic growth in the Kingdom of Morocco

• Read the Press Release Here
• Read the Fact Sheet Here

Guyana Signs $6.7 Million Millennium Challenge Corporation Grant to Support Fiscal Reforms
On August 23, 2007, Millennium Challenge Corporation Deputy CEO Rodney Bent and Guyanese President Bharrat Jagdeo officiated at the signing of an MCC Threshold Program agreement between the United States and Guyana.

• Read the Press Release Here
• Read the Fact Sheet Here

MCC Board of Directors Approves $697.5 Million Poverty Reduction Grant to Morocco
On August 9, 2007, the Millennium Challenge Corporation’s Board of Directors approved a five-year, $697.5 million Millennium Challenge Compact with the Kingdom of Morocco.

• Read the Press Release Here
• Read the Fact Sheet Here

MCC Board Approves Assistance to Support Governance Reforms in the Kyrgyz Republic
On August 9, 2007, the Millennium Challenge Corporation’s Board of Directors approved Threshold Program funding supporting the Government of the Kyrgyz Republic’s efforts to fight corruption and improve the rule of law.

• Read the Press Release Here
• Read the Fact Sheet Here

Notable Quotable:

 “We are looking for ways to increase capital and trade flows, the means by which mutual prosperity is built. The African Growth and Opportunity Act, for example, grants African economies preferential access to our markets. The Millennium Challenge Account offers countries that have met standards of responsible and accountable governance to develop and propose extensive projects that target development goals that they themselves have identified.”

Theresa Whelan

Deputy Assistant Secretary of Defense for African Affairs, Office of the Secretary of Defense
Testimony at the House Committee on Foreign Affairs Subcommittee on Africa and Global Health hearing
August 2, 2007

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