IPNews-Monrovia,Liberia-26 April 2018: Liberia is expected to shortly benefit hugely funding sources from the new AGOA and MCA Modernization Act (H.R. 3445) , signed yesterday by U.S. President Donald J. Trump that will enable the U.S. Government’s Millennium Challenge Corporation (MCC) to make cross-border, regional investments to promote economic growth, maximize poverty reduction, and facilitate trade and investment.
The new act provides Millennium Challenge Corporation (MCC), the opportunity to reduce global poverty by the creation of a more stable, secure world with opportunities for economic growth both on US soil and abroad.
Receiving the news on the signing into law of the new AGOA & MCA Modernization Act, MCC Acting CEO Jonathan Nash lauded US President Donald Trump and expressed confidence that MCC will now become a valuable strategic tool for enhancing U.S. Trade and investment.
“The AGOA and MCA Modernization Act enables MCC to become an even more valuable strategic tool for the U.S. to promote trade and investment, creating new opportunities for the private sector while increasing stability and security around the world.
This new authority helps the U.S., through MCC, selectively target resources to support new regional markets for trade and new investment – benefitting American companies looking to expand their businesses abroad.
MCC’s innovative and tested model has already incentivized countries to improve governance and rule of law, while advancing economic growth by making investments within a country’s borders. By utilizing regional investments, we will achieve higher rates of return and larger-scale reductions in poverty.”
Also making remarks was U.S. Senator Johnny Isakson, Chairman of the Senate Foreign Relations Subcommittee that oversees bilateral international development.
Senator Isakson said the new legislation will strengthen both African growth and opportunity and the Millennium Challenge Corporation (MCC), in providing important tools to improving transparency, accountability and greater developmental assistance.
“I appreciate President Trump’s support of this legislation to strengthen both the African Growth and Opportunity Act and the Millennium Challenge Corporation by providing important tools to improve transparency, accountability and results in our development assistance programs in the confines of improving international diplomacy helps bolster our national security, spread American values and achieve our foreign policy goals.”
Additionally, U.S. Congressman Ed Royce, Chairman of the House Foreign Affairs Committee, stated that the new Act gives Africa new tools to strengthen their various economics.
“This bill, at no cost to taxpayers, gives communities in Africa tools to strengthen their own economies. By doing so, we create U.S. trade partners rather than aid recipients. And with Africa’s consumer spending expected to reach hundreds of billions of dollars in the years ahead, this is also a great opportunity for U.S. business.
“I am proud to have been a strong supporter of AGOA and MCC from day one. Trade and free-market principles have helped lift more than a billion people out of poverty over the past decade alone. But it is not just this humanitarian goal that leads us to invest in communities abroad. As we’ve seen again and again, investments targeted toward growing more healthy, stable societies are good for our national security and good for American job creators.”
It may be recalled since the agency’s creation in 2004, MCC has signed 35 compacts with 29 countries around the world worth more than $12 billion. These compacts are expected to benefit about 175 million people. MCC partners must meet rigorous standards for good governance as evaluated on MCC’s scorecard, from fighting corruption to respecting democratic rights. MCC works closely with the private sector to leverage expertise and incentivize policy reforms that open up market opportunities.
The Millennium Challenge Corporation is an independent U.S. Government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to poor countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. Learn more about MCC at www.mcc.gov.
