MCC OKs new Cape Verde program, names countries eligible for compacts

Cape Verde has secured another compact with the Millennium Challenge Corp. while four other countries are now eligible to develop proposals for new compacts and threshold programs with the U.S. agency.

MCC’s board of directors approved at its quarterly meeting on Thursday (Dec. 15) a $66.2 million compact with Cape Verde that is focused on supporting reforms in the country’s water, sanitation and land management sectors. This is MCC’s second compact with Cape Verde. The agency’s first program in the country was worth $110 million and was completed in October 2010. It was the first MCC compact completed in Africa.

At the meeting, the board also selected El Salvador and Benin as qualified to apply for subsequent compacts with MCC. Approval will be based on the successful completion of the two countries’ first compacts, continued good policy performance, potential of the proposed compact to spur growth and reduce poverty, and the availability of MCC funding.

Meanwhile, Nepal and Honduras were selected as eligible for new MCC threshold programs. The board also agreed Georgia, Ghana and Zambia can continue developing compacts for fiscal 2012.

Details of the MCC board’s quarterly meeting will be discussed in detail at a town hall event on Friday (Dec. 16) in Washington. Attendance to the event can be confirmed online.

Read more:

  

Read more on U.S. aid reform online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders – emailed to you FREE every business day.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.