Press Releases
Millennium Challenge Corporation Provides $9.8 Million Pre-Compact Grant to Tanzania
October 5, 2007
Washington, D.C. -- On October 4, 2007, the United States, through the Millennium Challenge Corporation, entered into an agreement with the Government of Tanzania to provide up to $9.8 million to support Tanzania in preparatory work for the upcoming Millennium Challenge Compact. The funding will be used for feasibility and environmental assessment studies and for start-up of Millennium Challenge Account-Tanzania.
On September 14, 2007, the Millennium Challenge Corporation’s Board of Directors approved a five-year, $698 million Millennium Challenge Compact with the United Republic of Tanzania that seeks to reduce poverty, stimulate economic growth, and increase household incomes through targeted infrastructure investments in transport, energy, and water.
Compact signature is contingent on fiscal year 2008 funds.
Since its inception in 2004, MCC has approved Compacts totaling over $5.5 billion with 16 partner countries: Madagascar, Cape Verde, Honduras, Nicaragua, Georgia, Armenia, Vanuatu, Benin, Ghana, Mali, El Salvador, Mozambique, Lesotho, Morocco, Mongolia, and Tanzania.
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Millennium Challenge Corporation (MCC), a United States government corporation designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.