The Millennium Challenge Corporation (MCC) and representatives from the Government of Senegal met in Washington last week to continue progress on the proposed MCC compact. The proposed compact is a large-scale, five-year grant program designed to spur economic growth and investment by the private sector to reduce poverty and increase economic opportunities for the people of Senegal
If approved, this would be the second MCC compact for Senegal. From 2010 to 2015, the United States government, through MCC, provided almost 240 billion CFA to build on Senegal’s investments in infrastructure, agricultural production capacity, and job creation.
“We are pleased with the progress we have made thus far,” said David Weld, MCC Country Director and Team Lead for Senegal. “Developed in partnership with the Senegalese Government, the proposed compact is expected to be presented to MCC’s Board of Directors for approval later this year.”
“This is another great example of the close and enduring partnership between Senegal and the United States,” added U.S. Ambassador to Senegal Tulinabo Mushingi. MCC compacts entail a high degree of coordination with the recipient government, as well as a significant investment commitment from the recipient country to supplement funds provided by MCC.
Established in 2004, MCC is an innovative foreign assistance agency of the United States Government that has signed compacts with 29 countries around the world. The focus of the MCC is to reduce poverty through https://en.wikipedia.org/wiki/Economic_growth in the recipient countries. The program emphasizes good governance and sound economic policies in recipient countries.