Washington, D.C. – September 19, 2024 – The Millennium Challenge Corporation (MCC) Board of Directors today approved two new compacts: the Côte d’Ivoire Regional Power Compact and the Zambia Farm-to-Market Compact. Additionally, the Board endorsed the FY 2025 Selection Criteria and Methodology Report (SCMR).
The Côte d’Ivoire Regional Power Compact aims to enhance energy security in West Africa by increasing Côte d’Ivoire’s energy trade and upgrading its electrical grid. With a total budget of $322.5 million, the compact will receive $300 million from MCC and $22.5 million from the Government of Côte d’Ivoire.
The Zambia Farm-to-Market Compact seeks to boost inclusive economic growth in Zambia’s agriculture and agro-processing sectors. By investing in infrastructure, equipment, financing, and reforms, the compact aims to reduce transportation costs, increase access to resources for small and medium-sized farmers, and attract more private investment. The total budget for the compact is $491.75 million, with MCC contributing $458 million and the Government of Zambia contributing $33.75 million.
In another significant decision, the Board unanimously approved the FY 2025 SCMR. This report outlines the criteria and methodology MCC will use to assess candidate countries’ policy performance and determine their eligibility for MCC assistance. The SCMR is the result of extensive consultations with the Board and stakeholders and reflects MCC’s commitment to a rigorous and transparent approach.
In other business, the Board received an update on MCC’s portfolio and discussed the proposed Mauritania Threshold Program. MCC is actively working with the Government of Mauritania to develop this program.
