Mca.gov
Title
Millennium Challenge Corporation
Description
In March 2002 in Monterrey, Mexico, President Bush called for a "new compact for global development," which links greater contributions from developed nations to greater responsibility from developing nations. The President proposed a concrete mechanism to implement this compact -- the Millennium Challenge Account (MCA) - in which development assistance would be provided to those countries that rule justly, invest in their people, and encourage economic freedom. With strong bipartisan support, the Millennium Challenge Corporation (MCC) was established on January 23, 2004 to administer the MCA. Congress provided nearly $1 billion in initial funding for FY04 and $1.5 billion for FY05. The President requested $3 billion for FY06 and pledged to increase annual funding for the MCA to $5 billion in the future.
Aid is most effective when it reinforces sound political, economic and social policies - which are key to encouraging the inflows of private capital and increased trade - the real engines of economic growth;
Development plans supported by a broad range of stakeholders, and for which countries have primary responsibility, engender country ownership and are more likely to succeed;
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