The Board of Directors of the Millennium Challenge Corporation’s (MCC) has approved a four-year $25 million Threshold Programme between it and the Government of The Gambia.
During its quarterly meeting on Wednesday, September 29, 2021, the MCC’s Board also approved the Fiscal Year 2022 Selection Criteria and Methodology Report and received an update on the status of the MCC Nepal Compact following the recent senior-level MCC visit to the country in early September to advance ratification.
“MCC is pleased to partner with the Government of The Gambia and support building the country’s institutional capacity.
“Through select reforms, the Government of The Gambia will develop more effective, accountable and transparent governance-and improve operations–in the electricity sector,’’ the MCC’s Acting Chief Executive Officer, Mahmoud Bah said in a press statement issued by the MCC.
In addition to approving the threshold, the Board voted to extend the $450 million MCC-Morocco Employability and Land Compact, which was signed in 2015 and designed to boost Morocco’s economic growth through investment in the land and education sectors.
The MCC was granted the authority to extend compacts experiencing delays due to the COVID-19 in December 2020.
The Morocco compact extension will provide an additional $10.5 million in oversight and administrative expenses.
In addition to Morocco, the MCC’s Board has previously extended and increased the Gambia’s Power Compact by $7.6 million and the Benin Power Compact by $16 million.
The Millennium Challenge Corporation is an independent U.S. Government agency working to reduce global poverty through economic growth. Created in 2004, the MCC provides time-limited grants and assistance to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
Gambia: President Barrow Commissions 20MW Brikama Power Plant
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.