Search Results for agency_names:"Millennium Challenge Corporation"

The Millennium Challenge Corporation (MCC) issued a report identifying countries eligible for economic assistance through compacts for Fiscal Year 2025. Liberia was newly selected, while Cabo Verde, Senegal, and The Gambia were re-selected to continue compact development. The Philippines and Tanzania were chosen to keep developing threshold programs. The criteria for selection included governance and economic performance, with a focus on reducing poverty through economic growth.

The Millennium Challenge Corporation (MCC) has proposed an amendment to its existing agreement with Nepal to provide an additional $50 million. This funding aims to address increased costs and continue the Electricity Transmission Project, which is part of a larger plan to boost electricity use and reliability in Nepal. The amendment results from past delays and cost escalations due to global inflation and procurement challenges. This additional funding is expected to help the project meet its goals without further delays while maintaining high economic returns.

The Millennium Challenge Corporation (MCC) has named Albania as eligible to receive assistance for fiscal year 2025. This decision allows MCC to enter into a Millennium Challenge Compact with Albania, which aims to reduce poverty through economic growth. Albania was selected based on its satisfactory performance in key policy areas like just governance and economic freedom, as well as its progress in fighting corruption and ongoing development challenges. The selection was part of a reconsideration prompted by the new MCC Candidate Country Reform Act.