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OIG Oversight: Millennium Challenge Corporation Overview
The Millennium Challenge Corporation (MCC) is an independent U.S. foreign aid agency created in 2004 to promote economic growth, open markets, and increased living standards in select countries. MCC applies specific criteria in focusing its work abroad, using indicators regarding countries’ commitment to good governance, economic freedom, and investing in their citizens.
MCC provides selected countries with large-scale grants to fund projects for reducing poverty through sustainable economic growth. These projects include building infrastructure, reforming institutions, and promoting access to healthcare and education. MCC grants may complement other U.S. and international development programs.
MCC utilizes two primary types of grants: compacts and threshold programs.
MCC is managed by a chief executive officer and overseen by a board of directors, which includes the Secretary of State, the Secretary of the Treasury, the U.S. Trade Representative, and the USAID Administrator, along with the MCC Chief Executive Officer and four private sector representatives.
For more information, visit the official MCC Website.