Press Release: MCC Board of Directors Approves Threshold Program for The Gambia
For immediate release
September 29, 2021
Washington, DC, (September 29, 2021) – The board of directors of the Millennium Challenge Corporation (MCC) met today and voted to approve a four-year, $ 25 million threshold program between the MCC and the government of The Gambia.
During its quarterly meeting, the MCC Board of Directors also approved the selection criteria and methodological report for FY 2022 and received an update on the status of the MCC Compact in Nepal following MCC’s recent high-level visit to the country in early September to advance ratification.
“MCC is pleased to partner with the government of The Gambia and support the strengthening of the country’s institutional capacities,” said MCC Acting Director General Mahmoud Bah. “Through certain reforms, the Gambian government will develop more effective, accountable and transparent governance – and improve operations – in the electricity sector. “
In addition to approving the threshold, the Council voted to extend the MCC-Morocco Employability and Land Pact, amounting to $ 450 million, which was signed in 2015 and designed to stimulate economic growth. of Morocco through investments in the land and education sectors. The MCC was authorized to extend covenants experiencing delays due to COVID-19 in December 2020. Morocco’s extension of the pact will provide an additional $ 10.5 million in oversight and administration costs. In addition to Morocco, MCC’s board of directors has already extended and increased the Ghana Power Compact by $ 7.6 million and the Benin Power Compact by $ 16 million.
The Millennium Challenge Corporation is an independent US government agency that works to reduce global poverty through economic growth. Established in 2004, the MCC provides grants and time-limited assistance to countries that meet high standards of good governance, anti-corruption and respect for democratic rights.
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