MCC Statement of Support for the Partnership for Global Infrastructure and Investment
For Immediate Release
June 26, 2022
The Millennium Challenge Corporation (MCC) is proud to support President Biden’s announcement of new flagship projects and the Administration’s whole-of-government effort to execute the Partnership for Global Infrastructure and Investment (PGII).
At the 2021 G7 Summit, President Biden and G7 leaders announced their intent to develop a values-driven, high-standard, and transparent infrastructure partnership to meet the enormous infrastructure needs of low- and middle-income countries without trapping them in cycles of debt while continuing to support the United States’ and its allies’ economic and national security interests.
Today, at the G7 Leaders’ Summit in Schloss Elmau, leaders formally launched PGII to mobilize hundreds of billions of dollars and deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses, and advances our national security.
MCC has an 18-year track record of delivering high-quality infrastructure projects in partnership with developing countries, which have improved the lives of millions of people in low and middle-income countries around the world, including through expanded access to clean energy, and improved water and sanitation services. Our data-driven model helps ensure MCC programs achieve tangible results to reduce poverty through inclusive and sustainable economic growth. All MCC programs are designed and implemented together with our country partners and in accordance with high standards for transparency, governance, and environmental and social performance.
MCC focuses on physical as well as institutional infrastructure, taking an approach that integrates institutional and policy reform and country ownership with large-scale infrastructure investments to ensure the long-term sustainability and impact of the agency’s investments.
PGII will deliver game-changing projects to close the infrastructure gap in developing countries, strengthen the global economy and supply chains, and advance U.S. national security. MCC is a proud supporter, and we are deeply committed to continuing to work with partners around the world to strengthen their capacity to deliver improved public services, reach the poor and marginalized, and deliver economic growth that is inclusive, sustainable, and resilient to shocks.
The Millennium Challenge Corporation is an independent U.S. government development agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.