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 The Newsletter of the Millennium Challenge Corporation |
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Senator Bill Frist and Kenneth Hackett Join MCC's Board of Directors On October 30, 2007, former U.S. Senate Majority Leader Bill Frist, M.D., and Catholic Relief Services President, Kenneth Hackett, joined the Millennium Challenge Corporation’s Board of Directors. Both were confirmed by the Senate on October 26, 2007, and were appointed by the President to assume the duties of an MCC Board member. U.S. and Mongolia Sign $285 million Compact To Reduce Poverty through Economic Growth On October 22, 2007, the Millennium Challenge Corporation signed a five-year, nearly $285 million, foreign assistance package with the Government of Mongolia. The MCC Compact with Mongolia is designed to increase economic opportunities for the poorest Mongolians by focusing on transportation, property rights, education and health.
MCC Announces Reorganization to Focus Agency on Compact ImplementationOn October 1, 2007, the Millennium Challenge Corporation announced a major restructuring to shift the agency’s focus to compact implementation.
Notable Quotable: “The positive impact made possible by increased political engagement and economic cooperation is displayed clearly in Jordan, a country nearly half-way into implementing its two-year $25 million Millennium Challenge Corporation Threshold program. This program is designed to strengthen democratic institutions by supporting efforts to broaden public participation in the political and electoral process and to increase government transparency and accountability. We seek similar successes across the region. Building on a climate of increasing openness, we have joined with Morocco to create a $697 million multi-year Millennium Challenge Corporation program focusing on several sectors of its economy that are well-placed to alleviate poverty and unemployment - and the extremism they foster. We are also working with Yemen - the poorest country on the Arabian Peninsula - to advance reform efforts, to reduce the threat of extremism born of poverty, and to strengthen its ability to act against terrorist elements both unilaterally and in cooperation with the United States. In line with this, MCC's Board has approved a $20 million grant to help the Government of Yemen fight corruption and improve the rule of law, political rights, fiscal policy, and government effectiveness through institution building and improved systems there.” Secretary of State Condoleezza Rice
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