The Millennium Challenge Corp., now in its 4th year of operations, is to provide aid to developing countries that have demonstrated a commitment to ruling justly, encouraging economic freedom, and investing in people. MCC provides assistance to eligible countries through multiyear compact agreements to fund specific programs targeted at reducing poverty and stimulating economic growth. As of Aug. 2008, MCC had signed compacts with 18 countries totaling approx. $6.3 billion; of the 18 signed compacts, 11 compacts had entered into force, obligating a total of approx. $3 billion. This report includes fact sheets for the 11 MCC compacts that had entered force as of Aug. 2008. Illustrations.

In Jan. 2004, Congress estab. the Millennium Challenge Corp. (MCC) to administer the Millennium Challenge Account. MCC's mission is to promote econ. growth & reduce extreme poverty in developing countries. MCC must rely on quantitative criteria in determining countries' eligibility for assistance. MCC will provide assistance primarily through compacts -- agree. with country gov'ts. MCC aims to be one of the top donors in countries with which it signs compacts. For FY 2004 & 2005, MCC received $2.5 billion; for FY 2006, $3 billion. This report monitors MCC's: (1) process for determining country eligibility, (2) progress in developing compacts, (3) coord. with key stakeholders, & (4) estab. of mgmt. structures & accountability mechanisms. Illus.

On March 14, 2002, Pres. Bush outlined a proposal for a major new U.S. foreign aid initiative. The Millennium Challenge Corp. (MCC) provides assistance through a competitive selection process to developing nations that are pursuing political and economic reforms in three areas: ruling justly, investing in people, and fostering economic freedom. The initial plan had been to fund the MCC annually at $5 billion by FY 2006, but this figure has never been reached. Contents of this report: (1) Most Recent Developments; (2) Overview; (3) Background; (4) Implementation; (5) Select Issues: Funding; Authorizing Legislation and Reform; Compact Size; Speed of Implementation; Sectors; Impact; Changing Costs; Role of USAID.

In Jan. 2004, Congress established the Millennium Challenge Corp. (MCC) for foreign assistance. Eligible countries submit compact proposals for MCC funding for projects aimed at reducing poverty through economic growth. MCC performs economic analyses estimating the compacts¿ economic rate of return (ERR) and effects on income and poverty as well as the number of compact beneficiaries. MCC uses these analyses to inform its decisions to fund proposed compacts and to inform Congress and the public about its progress in achieving its mission. This report examines MCC¿s projections of: (1) ERR; and (2) compacts¿ impact on income and poverty as well as numbers of beneficiaries. Includes recommendations. Illus.