MCC compacts: Where is the money going?

Ghanaian Finance Minister Seth Terkper shakes hands with Millennium Challenge Corp. CEO Dana Hyde after the signing of the African country’s compact as Ghanaian President John Dramani Mahama and U.S. Secretary of State John Kerry looks on. What countries will receive compact assistance for fiscal year 2015? Photo by: U.S. State Department

Next week, the Millennium Challenge Corp. board will select countries that will receive compact assistance for fiscal year 2015.

U.S. President Barack Obama has requested $1 billion for MCC for fiscal 2015. If past MCC funding is any indication — it has been set at roughly $900 million annually from fiscals 2011 to 2014, down from its peak of $1.75 billion in 2007 — then the appropriated amount by Congress will likely be lower than Obama’s request.

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    Anna Patricia Valerio

    Anna Patricia Valerio is a Manila-based development analyst focusing on writing innovative, in-the-know content for senior executives in the international development community. Before joining Devex, Patricia wrote and edited business, technology and health stories for BusinessWorld, a Manila-based business newspaper.

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