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06 May 2004
U.S. Names Countries Eligible for New Assistance Funds
Government corporation also plans to help other countries qualify
The recently created Millennium Challenge Corporation (MCC) of the U.S.
government has named 16 countries eligible to apply for development aid from
an innovative new program.
In a May 6 news release, the MCC said that its board of directors selected
the countries -- Armenia, Benin, Bolivia, Cape Verde, Georgia, Ghana,
Honduras, Lesotho, Madagascar, Mali, Mongolia, Mozambique, Nicaragua,
Senegal, Sri Lanka and Vanuatu -- based on their governance, social
investment and economic freedom.
The MCC said it also approved a program to help some other countries meet
eligibility requirements.
The Millennium Challenge Account program announced by President Bush in 2002
is designed to help poor countries spur the economic growth and attract the
investment necessary to further development. Congress has appropriated $1
billion for the MCC for this fiscal year.
Following is the text of the release:
(begin text)
Millennium Challenge Corporation
May 6, 2004
The Millennium Challenge Corporation Names
MCA Eligible Countries
Washington, DC -- Today, the Board of Directors of the Millennium Challenge
Corporation (MCC) selected the 16 countries eligible to apply for Millennium
Challenge Account (MCA) assistance in FY04 [fiscal year 2004]. MCC, a newly
created government corporation designed to work with some of the poorest
countries in the world, is based on the principle that aid is most effective
when it reinforces sound political, economic, and social policies that
promote economic growth.
"This is a historic day for the Millennium Challenge Corporation," said
Secretary of State, Colin L. Powell, Chair of the MCC Board. "The
President's vision has come to pass, and today's decision by the Board of
Directors is a major step in implementing the vision of the MCC."
The selected countries include: Armenia, Benin, Bolivia, Cape Verde,
Georgia, Ghana, Honduras, Lesotho, Madagascar, Mali, Mongolia, Mozambique,
Nicaragua, Senegal, Sri Lanka and Vanuatu. In making its determinations, the
Board considered both the past and current policy performance of the
candidate countries in the areas of governing justly, investing in their own
people and promoting economic freedom. The Board also considered trends that
indicated policy improvement or slippage.
"Our mission -- encouraging and rewarding good policies that produce
sustainable economic growth -- holds profound implications for freedom and
security across the globe," MCC CEO [chief executive officer] Paul
Applegarth said today. "Today's decision demonstrates the clear commitment
of the U.S. to reducing poverty and human suffering."
The Board also approved a "Threshold Country" program, which will be
directed toward a limited number of candidate countries that have not met
the requirements for MCA eligibility but demonstrate a significant
commitment to meeting the requirements for eligibility. The Threshold
Country program will provide an added incentive to countries that are
committed to reform, and will be used to assist such countries in making
further progress towards becoming eligible for MCA assistance in future
years. MCC expects to work closely with USAID [U.S. Agency for International
Development] in this effort.
The United States is committed to the MCC as an innovative approach to
delivering foreign aid. Congress has appropriated $1 billion for the MCC for
this fiscal year, and President Bush has requested $2.5 billion for FY05.
(end text)
(Distributed by the Bureau of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)
U.S. Names Countries Eligible for New Assistance Funds
Government corporation also plans to help other countries qualify
The recently created Millennium Challenge Corporation (MCC) of the U.S.
government has named 16 countries eligible to apply for development aid from
an innovative new program.
In a May 6 news release, the MCC said that its board of directors selected
the countries -- Armenia, Benin, Bolivia, Cape Verde, Georgia, Ghana,
Honduras, Lesotho, Madagascar, Mali, Mongolia, Mozambique, Nicaragua,
Senegal, Sri Lanka and Vanuatu -- based on their governance, social
investment and economic freedom.
The MCC said it also approved a program to help some other countries meet
eligibility requirements.
The Millennium Challenge Account program announced by President Bush in 2002
is designed to help poor countries spur the economic growth and attract the
investment necessary to further development. Congress has appropriated $1
billion for the MCC for this fiscal year.
Following is the text of the release:
(begin text)
Millennium Challenge Corporation
May 6, 2004
The Millennium Challenge Corporation Names
MCA Eligible Countries
Washington, DC -- Today, the Board of Directors of the Millennium Challenge
Corporation (MCC) selected the 16 countries eligible to apply for Millennium
Challenge Account (MCA) assistance in FY04 [fiscal year 2004]. MCC, a newly
created government corporation designed to work with some of the poorest
countries in the world, is based on the principle that aid is most effective
when it reinforces sound political, economic, and social policies that
promote economic growth.
"This is a historic day for the Millennium Challenge Corporation," said
Secretary of State, Colin L. Powell, Chair of the MCC Board. "The
President's vision has come to pass, and today's decision by the Board of
Directors is a major step in implementing the vision of the MCC."
The selected countries include: Armenia, Benin, Bolivia, Cape Verde,
Georgia, Ghana, Honduras, Lesotho, Madagascar, Mali, Mongolia, Mozambique,
Nicaragua, Senegal, Sri Lanka and Vanuatu. In making its determinations, the
Board considered both the past and current policy performance of the
candidate countries in the areas of governing justly, investing in their own
people and promoting economic freedom. The Board also considered trends that
indicated policy improvement or slippage.
"Our mission -- encouraging and rewarding good policies that produce
sustainable economic growth -- holds profound implications for freedom and
security across the globe," MCC CEO [chief executive officer] Paul
Applegarth said today. "Today's decision demonstrates the clear commitment
of the U.S. to reducing poverty and human suffering."
The Board also approved a "Threshold Country" program, which will be
directed toward a limited number of candidate countries that have not met
the requirements for MCA eligibility but demonstrate a significant
commitment to meeting the requirements for eligibility. The Threshold
Country program will provide an added incentive to countries that are
committed to reform, and will be used to assist such countries in making
further progress towards becoming eligible for MCA assistance in future
years. MCC expects to work closely with USAID [U.S. Agency for International
Development] in this effort.
The United States is committed to the MCC as an innovative approach to
delivering foreign aid. Congress has appropriated $1 billion for the MCC for
this fiscal year, and President Bush has requested $2.5 billion for FY05.
(end text)
(Distributed by the Bureau of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)