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Millennium Challenge Corporation - CRS Report
| Release Date: | Revised Feb. 13, 2013 |
| Report Number: | RL32427 |
| Source Agency: | Congressional Research Service |
| Pages: | 47 |
 
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Older Revisions:
Summary: Revised April 12, 2012 Revised Jan. 10, 2012 Revised Dec. 8, 2011 Revised May 3, 2011 Revised Nov. 16, 2010 Revised June 26, 2009 Revised Oct. 8, 2008 Revised Sept. 24, 2007 Revised Jan. 3, 2007 Revised Aug. 1, 2006 Revised June 2, 2006 Revised Feb. 7, 2006 Revised Nov. 14, 2005 Revised July 1, 2005 Revised May 25, 2005 Revised Jan. 21, 2005 Nov. 12, 2004 The Millennium Challenge Corporation (MCC) provides economic assistance through a competitive selection process to developing nations that demonstrate positive performance in three areas: ruling justly, investing in people, and fostering economic freedom. Established in 2004, the MCC differs in several respects from past and current U.S. aid practices: the competitive process that rewards countries for past actions measured by objective performance indicators; the pledge to segregate the funds from U.S. strategic foreign policy objectives that often strongly influence where U.S. aid is spent; its mandate to seek poverty reduction through economic growth, not encumbered with multiple sector objectives; the requirement to solicit program proposals developed solely by qualifying countries with broad-based civil society involvement; the responsibility of recipient countries to implement their own MCC-funded programs, known as compacts; a compact duration limited to five years, with funding committed up front; the expectation that compact projects will have measurable impact; and an emphasis on public transparency in every aspect of agency operations. |
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