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Millennium Challenge Corporation Signs Five Year, $235
Million Compact with Armenia
PRESS RELEASE
Contact: 202-521-3850
eMail: [email protected]
For Immediate Release
March 27, 2006
Washington, D.C. - Today, in a signing ceremony at the State
Department's Benjamin Franklin room, Chief Executive Officer of the
Millennium Challenge Corporation, Ambassador John Danilovich and
Armenia's Minister of Finance and Economy, Vardan Khachatryan signed a
$235.65 million Compact between MCC and the Republic of Armenia. MCC
Chair Secretary of State Condoleezza Rice officiated and witnessed the
signing. She was joined by Armenia's Foreign Minister Vartan
Oskanian.
Over one million Armenians, about 35 percent of the population, live
in rural areas and are dependent on semi-subsistence
agriculture. Farmers operate on small plots of land and are
constrained by poor roads, inadequate irrigation and an
under-developed market economy. To overcome these constraints,
Armenia's Millennium Challenge Compact aims to reduce rural poverty
through a sustainable increase in the economic performance of the
agricultural sector. The Compact consists of two investments: a Rural
Road Rehabilitation Project and an Irrigated Agriculture Project. The
program will directly impact 75% of the rural population and is
expected to significantly increase the annual incomes of rural poor.
`I congratulate the people of Armenia for developing a results-focused
and transformational program that will improve the lives of the poor,'
said MCC CEO John Danilovich. `MCC assistance will be used to
rehabilitate roads needed for Armenians living in rural areas to
access social services such as healthcare and markets to sell their
products. The Compact also includes funding for projects that will
increase the productivity of farm households through improved water
supply, higher yields, higher-value crops, and a more competitive
agricultural sector. Armenia is a valued partner and we look forward
to supporting their efforts to build a better life for all Armenians.'
Ambassador Danilovich added, `Continued eligibility for Millennium
Challenge Account funds depends on adherence to our indicators
measuring performance in ruling justly, investing in people, and
encouraging economic freedom. MCC will continue to monitor Armenia's
policy performance in these three categories throughout the life of
the Compact.'
Since its establishment in 2004, MCC has signed Compacts totaling more
than $1.5 billion with eight nations: Madagascar, Honduras, Cape
Verde, Nicaragua, Georgia, Benin, Vanuatu, and Armenia. MCC is also
actively engaging with other eligible countries in Compact
negotiations.
Launched by President Bush in 2004, the MCA is an innovative approach
to development assistance that recognizes sound policies and good
governance are critical to poverty reduction and economic growth in
developing countries.
###
Millennium Challenge Corporation (MCC), a U.S. 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
good governance, economic freedom, and investments in people
Million Compact with Armenia
PRESS RELEASE
Contact: 202-521-3850
eMail: [email protected]
For Immediate Release
March 27, 2006
Washington, D.C. - Today, in a signing ceremony at the State
Department's Benjamin Franklin room, Chief Executive Officer of the
Millennium Challenge Corporation, Ambassador John Danilovich and
Armenia's Minister of Finance and Economy, Vardan Khachatryan signed a
$235.65 million Compact between MCC and the Republic of Armenia. MCC
Chair Secretary of State Condoleezza Rice officiated and witnessed the
signing. She was joined by Armenia's Foreign Minister Vartan
Oskanian.
Over one million Armenians, about 35 percent of the population, live
in rural areas and are dependent on semi-subsistence
agriculture. Farmers operate on small plots of land and are
constrained by poor roads, inadequate irrigation and an
under-developed market economy. To overcome these constraints,
Armenia's Millennium Challenge Compact aims to reduce rural poverty
through a sustainable increase in the economic performance of the
agricultural sector. The Compact consists of two investments: a Rural
Road Rehabilitation Project and an Irrigated Agriculture Project. The
program will directly impact 75% of the rural population and is
expected to significantly increase the annual incomes of rural poor.
`I congratulate the people of Armenia for developing a results-focused
and transformational program that will improve the lives of the poor,'
said MCC CEO John Danilovich. `MCC assistance will be used to
rehabilitate roads needed for Armenians living in rural areas to
access social services such as healthcare and markets to sell their
products. The Compact also includes funding for projects that will
increase the productivity of farm households through improved water
supply, higher yields, higher-value crops, and a more competitive
agricultural sector. Armenia is a valued partner and we look forward
to supporting their efforts to build a better life for all Armenians.'
Ambassador Danilovich added, `Continued eligibility for Millennium
Challenge Account funds depends on adherence to our indicators
measuring performance in ruling justly, investing in people, and
encouraging economic freedom. MCC will continue to monitor Armenia's
policy performance in these three categories throughout the life of
the Compact.'
Since its establishment in 2004, MCC has signed Compacts totaling more
than $1.5 billion with eight nations: Madagascar, Honduras, Cape
Verde, Nicaragua, Georgia, Benin, Vanuatu, and Armenia. MCC is also
actively engaging with other eligible countries in Compact
negotiations.
Launched by President Bush in 2004, the MCA is an innovative approach
to development assistance that recognizes sound policies and good
governance are critical to poverty reduction and economic growth in
developing countries.
###
Millennium Challenge Corporation (MCC), a U.S. 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
good governance, economic freedom, and investments in people