May 28, 2024

MCC Wraps Productive Week during World Bank Spring Meetings

Secretary of State Antony J. Blinken delivers remarks at a Millennium Challenge Corporation (MCC) memorandum of understanding signing with Malawian President Lazarus Chakwera, Malawian Finance and Economic Affairs Minister Sosten Gwengwe, and MCC CEO Alice Albright at the Department of State in Washington D.C., on September 28, 2022. [State Department photo by Ron Przysucha
Secretary of State Antony J. Blinken delivers remarks at a Millennium Challenge Corporation (MCC) memorandum of understanding signing with Malawian President Lazarus Chakwera, Malawian Finance and Economic Affairs Minister Sosten Gwengwe, and MCC CEO Alice Albright at the Department of State in Washington D.C., on September 28, 2022. [State Department photo by Ron Przysucha

The Millennium Challenge Corporation (MCC) concluded a fruitful week at the World Bank Group and International Monetary Fund Spring Meetings in Washington, where the MCC’s CEO and senior leadership met with over 14 country delegations and global counterparts. The meetings allowed the MCC to advance partnerships and projects and attend key events.

Notable achievements include the signing of the $649 million Indonesia Infrastructure and Finance Compact and the $12 million Compact Development Fund agreement for the MCC-Togo compact. By the week’s end, MCC met with delegations from the Asian Development Bank, Guinea, Kenya, Lesotho, Liberia, Mauritania, Mongolia, Morocco, Mozambique, Niger, Senegal, Sierra Leone, Sri Lanka, The Gambia, Togo, and Zambia.

Throughout the week, the MCC heard from Ministers of Finance and government leaders from current partner countries and countries interested in becoming eligible for an MCC program. They discussed how the MCC’s grant assistance and support for institutional and policy reform can be transformative. Country partners at various program stages highlighted the MCC’s commitment to country ownership and focus on inclusive and sustainable results, which help governments deliver for their people.

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.

In a parallel development, the U.S. International Development Finance Corporation (DFC) advanced partnerships with key collaborators on strategic priorities during the Spring Meetings. The DFC’s focus included driving private sector investment in Ukraine. The DFC signed a Memorandum of Understanding (MOU) to support the Government of Ukraine in addressing the country’s urgent development and economic recovery priorities. Additionally, the DFC signed an MOU with the European Investment Bank to identify and support new investments globally, focusing on sectors such as energy security, information and communications technology, and health services and infrastructure.

The MCC also announced the departure of Deputy CEO Mahmoud Bah, who will leave the agency at the end of April to return to the private sector. Mr. Bah served the MCC for 13 years in various leadership positions, including as Acting Chief Executive Officer, and played a crucial role in strengthening relationships with partner countries and the fight against global poverty.

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