12/29/2020 | Press release | Distributed by Public on 12/29/2020 15:23
WASHINGTON, D.C., December 29, 2020 - The Millennium Challenge Corporation (MCC) secured two major legislative achievements under the 2021 Consolidated Appropriations Act, which President Trump signed into law on December 27. As part of funding for U.S. Government agencies through September of 2021 (FY21), MCC will receive $912 million - an increase of $7 million over FY20 levels and the highest appropriation in 10 years. This critical funding increase will support MCC's portfolio around the world, including its first concurrent regional compact, and will provide much-needed administrative funding to ensure the agency continues to produce effective and accountable programs.
The legislation also grants MCC the authority to extend compacts currently in implementation up to one year if they are experiencing delays caused by the pandemic. This new authority will provide MCC the flexibility to ensure its investments abroad are completed in a sustainable manner consistent with the agency's high standards, while continuing to maximize the impact of U.S. taxpayer dollars.
'MCC is grateful to have broad, bipartisan support in Congress,' MCC Chief Executive Officer Sean Cairncross said. 'This increase in funding and legislative authority will better position the agency for success in the years ahead, ensuring our programs around the world remain a good investment for the American people.'
To learn more about MCC and its programs, visit mcc.gov.