Washington, D.C., (Sept. 29, 2021) – The Millennium Challenge Corporation’s (MCC) Board of Directors met today and voted to approve a four-year, $25 million Threshold Program between MCC and the Government of The Gambia.
During its quarterly meeting, MCC’s Board also approved the Fiscal Year 2022 Selection Criteria and Methodology Report and received an update on the status of the MCC Nepal Compact following the recent senior-level MCC visit to the country in early September to advance ratification.
“MCC is pleased to partner with the Government of The Gambia and support building the country’s institutional capacity,” said MCC’s Acting Chief Executive Officer Mahmoud Bah. “Through select reforms, the Government of Gambia will develop more effective, accountable, and transparent governance – and improve operations – in the electricity sector.”
In addition to approving the threshold, the Board voted to extend the $450 million MCC-Morocco Employability and Land Compact, which was signed in 2015 and designed to boost Morocco’s economic growth through investment in the land and education sectors. MCC was granted the authority to extend compacts experiencing delays due to COVID-19 in December 2020. The Morocco compact extension will provide an additional $10.5 million in oversight and administrative expenses. In addition to Morocco, MCC’s Board has previously 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 U.S. Government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.