Remarks by MCC CEO Daniel Yohannes at the Signing of Cape Verde's Second MCC Compact
February 10, 2012, Praia, Cape Verde
It is a great honor for me to return to Cape Verde, a model country for democracy and stability in Africa. We are here to mark a milestone in the strong partnership between Cape Verde and the U.S. Government’s Millennium Challenge Corporation.
Today, we meet to sign Cape Verde’s second compact with MCC. This is a first for MCC, where we are committed to delivering country-led, results-driven and reform-centered development assistance aimed at reducing poverty through economic growth. And this compact is further proof of MCC’s commitment to Africa, which so far has received the majority of MCC’s assistance.
I had the great honor of delivering a letter of congratulations from President Barack Obama to Prime Minister Neves to mark this occasion.
As you know, second compacts are not automatic. In fact, they face higher standards as we consider a number of factors, including:
• successful completion of the first compact,
• continued good policy performance,
• development of proposals that have significant potential for economic growth and poverty reduction, and
• the availability of funding, particularly in challenging economic times.
In these areas, Cape Verde proves that it is ready to make the most efficient and effective use of a second compact. Cape Verde was the first MCC country in Africa to successfully complete a compact, which contributed to economic development and poverty reduction. The government has demonstrated an ongoing commitment to building a self-sustaining, high-growth economy through policy and institutional reforms, private sector engagement and infrastructure development.
The $66.2 million MCC compact we sign today will further this vision. Cape Verde will make its own financial contribution to support our investment.
The compact furthers an ambitious reform agenda at the national and municipal level to help Cape Verde better manage its resources. It facilitates private sector and diaspora investment. And, it will provide critical water, sanitation and land services to its people.
MCC is proud to partner again with Cape Verde on this second compact. I congratulate all of you and pass along the well wishes of the American people.
What is vital now is the full and timely implementation of Cape Verde’s second compact. Successful implementation of this program will improve the quality of life for Cape Verdeans.
Let us work now—in a spirit of true partnership, mutual accountability and shared responsibility—to deliver results to the people of Cape Verde.
Thank you so much. OBRIGADO