President Biden Requests $1,073 million for MCC in FY24
For Immediate Release
March 13, 2023
WASHINGTON (Mar. 13, 2023) – On March 9, 2023, the Biden-Harris Administration submitted the President’s Budget for Fiscal Year (FY) 2024 to Congress. The President requests $1,073 million for the Millennium Challenge Corporation (MCC) to continue delivering on its mission to reduce poverty through inclusive economic growth in developing countries. This request also includes at least $200 million in mandatory appropriations from the International Infrastructure Fund—part of a broader proposal to out-compete China globally.
MCC’s FY 2024 Budget request will support:
- Program Development in eight countries, including compacts in Belize, Sierra Leone, The Gambia, Togo, Zambia, two regional programs with Côte d’Ivoire and Senegal, and a threshold program in Mauritania. Additionally, FY 2024 funds would cover initial development costs of new compact and threshold program selections to be made by MCC’s Board of Directors in December 2023.
- Continued Oversight across 26 programs, including compact and threshold program reviews, portfolio management, activity modifications, and on-going project and activity assessments.
- Ongoing Selection and Economic Analysis to maintain a competitive selection process, where countries must first pass MCC’s scorecard of 20 independent, third-party indicators that measure a country’s policy performance in the areas of ruling justly, economic freedom, and investing in people. MCC administrative funds will fund staff and the administration of economic and constraints analyses.
- Robust use of Evidence, Monitoring and Evaluation. MCC has an evidence-based approach to developing projects and assessing impacts, including publishing MCC Evaluation Briefs and Star Reports, and consistently earns top rankings for the agency’s commitment to transparency and evidence.
- Accelerate Compact Development. MCC aims to accelerate and streamline compact and threshold development processes to leverage efficiencies, reduce timelines, and maintain quality.
The global development landscape has changed dramatically in the past decade as geopolitical strife has threatened democracy, led to increases in poverty, and further constrained economic growth. As MCC approaches its 20th anniversary, its model is as critical today as it was when the agency was created in 2004. MCC is at the forefront in supporting country partners meet these challenges through sustainable investments that promote economic growth and improve lives of the most vulnerable. As a result of MCC’s model, its grant assistance is a key economic contributor to the way the United States combats growing geopolitical and social challenges facing democracies worldwide.
With a robust portfolio, including a pipeline of strategic new programs that will be ready for approval by MCC’s Board of Directors in FY 2024, the agency is poised to expand its evidence-based, cost-effective, and values-driven model to help meet these challenges. These programs include opportunities to catalyze private sector investment, as well as substantial infrastructure investments that build on MCC’s track record of delivering complex, quality infrastructure on time, on budget, and with transparency and high standards.
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.