Millenium Challenge Corporation [MCC] Law and Legal Definition

Millennium Challenge Corporation (MCC) is a federal agency aiding to combat poverty. The MCC assists the U.S. in global development in a manner that eliminates extreme poverty and promotes economic growth. According to 22 CFR 1300.3, the MCC also strengthens the following :< /p>

1.Good governance,

2.Economic freedom, and

3.Investments in citizens.

The MCC provides monetary help to developing countries for reducing poverty through large-scale grants. There are two primary types of MCC grants:

1. Compacts – they are large, five-year grants for countries that pass MCC’s eligibility criteria;

2.Threshold programs- they are smaller grants awarded to countries that come close to passing MCC’s eligibility criteria and are firmly committed to improving their policy performance.

The compact and threshold programs help in alleviating poverty by providing grants in sectors such as:

1.Agriculture and irrigation,

2.Transportation (roads, bridges, ports),

3.Water supply and sanitation,

4.Health sector,

5.Finance and enterprise development,

6.Anticorruption initiatives,

7.Education.