ZAMBIA RECEIVES 500 MILLION DOLLARS FROM MCC
Written by newsroom on December 17, 2021
The Millennium Challenge Corporations Board of Directors held its quarterly meeting yesterday and selected Belize and Zambia as newly eligible to develop MCC compacts-the agency’s five-year grant programme.
As part of its annual discussion on country selection, MCC board also reviewed the policy performance of eligible and previously selected countries and received an update on the status of the 500 Million United States Dollar MCC-Nepal compact.
MCC Acting Chief Executive Officer Mahmoud Bah said the grants have demonstrated a clear commitment to democratic governance, investing in people and pursuing economic freedom saying the MCC looks forward to working together to develop programmes that reduce poverty and enable sustainable and inclusive economic growth.
He says selecting Belize for a compact allows MCC to partner with a country that has demonstrated a clear commitment to democratic governance, but that is facing rising poverty rates and significant challenges to economic growth.
With the new partnership, MCC will support the government of the Republic of Belize’s efforts to build economic resilience and address its most binding constraints to growth.
Zambia completed a prior compact with MCC in 2018 and demonstrated strong performance on MCC’s scorecard and a subsequent compact will support the Government of Zambia’s efforts in addressing the country’s pressing development challenges and pursue critical economic and democratic governance reforms following its recent democratic transition.
This is contained in a Media statement issued by U.S Emabssy Zambia Information Specialist Zarina Geloo made available to Flava Fm News.
By Raphael Mulenga