PRESIDENT MEETS MILLENNIUM CHALLENGE CORPORATION CEO

Mongolian President Ts. Elbegdorj has met Ms Dana J. Hyde CEO of the Millennium Challenge Corporation (MCC) and other officials. Ms.Dana Hyde is currently visiting Mongolia.

During the meeting, Mr Elbegdorj and Ms Hyde exchanged views, in particular regarding the special features of the second compact contract and the related government activity. Mongolia was chosen by the US Millennium Challenge Corporation as a suitable country to conclude a second compact contract with in December 2014.

The President and Ms Hyde discussed the working team, which is in charge of project implementation and the national working bureau responsible for processing the second compact contract. Senior bureau officials also attended the meeting.

The MCC makes second compact contracts with comparatively few countries. For this reason, requirements for the selected countries have become tougher. This contract takes about 2 years to be fully processed. After the contract becomes valid, the various projects will be undertaken over a five-year period - noted Dana Hyde.

The national working bureau has been studying the factors affecting Mongolian economic growth; the MCC then identifies the areas to finance and which are suitable for projects. It is important that the selected countries have the will to undertake the contract, fulfill their promises, and pass the criteria for each stage of the contract process and formulation.

In order to choose the country to make contract, MCC considered the country’s ability to strengthen democracy, develop economic freedom, implement anti-corruption policies etc. Insofar as Mongolia has successfully fulfilled the required criteria successfully over the last 2 years, it was selected for second compact country.

The Millennium Challenge Corporation (MCC) is a bilateral United States foreign aid agency and was established by the U.S. Congress in 2004, with the aim of applying a new philosophy toward foreign aid. It is an independent agency separate from the State Department and USAID.

Source: news.mn