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    • News

    MCC Reports Success at Conclusion of Benin Compact

    By Ivy Mungcal // 12 October 2011

    A $307 million compact between the Millennium Challenge Corp. and Benin concluded this year, and MCC says its investments have contributed to the economic development of the West African country.

    MCC head Daniel Yohannes is currently visiting Benin to mark the completion of the five-year compact, which supported activities such as the expansion of a key port in the country, reform of the national judicial system, strengthening of land rights, and improvement of local micro and medium-sized enterprises’ access to finance.

    These activities, according to MCC, has contributed to the country’s economic growth and helped boost its trade sector. The Port of Cotonou, for instance, is now able to handle up to 7 million metric tons of merchandise, up from 4 million metric tons in 2004, the agency noted. The expanded and modernized port is also expected to attract more than $200 million worth of investments from the private sector, it added.

    Meanwhile, Yohannes lauded Benin’s efforts to meet its end of compact, which he noted included “difficult, but necessary, policy reforms.”

    “Now, it is vital for the Beninese to build upon and sustain the progress underway,” Yohannes said.

    Read more:

    • In Armenia, Sustainability in MCC’s Agricultural Investments Seen as Compact Draws to a Close

    • MCC Announces New Indicators, New Funding for Tunisia and Indonesia

    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.

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    About the author

    • Ivy Mungcal

      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.

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