MCC directors approve $25 million threshold programme with Gambian government
Banjul, Gambia (PANA)- The Millennium Challenge Corporation’s (MCC) Board of Directors meeting in Washington, DC on Wednesday approved a $25 million investment, called a 'Threshold Program', between MCC and the Government of Gambia.
The Board's approval is "representative of the significant progress The Gambia has made on a range of key indicators in political and economic governance, and human rights,” said Richard C. Paschall, Ambassador of the United States to The Gambia. “We are proud to partner on this programme that furthers our objective of building capacity and the resources to manage The Gambia’s economy and support growth that furthers the well-being of Gambian citizens.”
The programme is focused on supporting Gambia’s electricity sector, including critical policy and institutional reforms to develop more effective, accountable, and transparent governance for the sector, as well as improves sector operations.
As part of the agreement, the Government of Gambia will implement several institutional and policy improvements to ensure the successful implementation and sustainability of the project.
“The MCC-The Gambia programme is a timely and important result of the deep partnership between the United States and The Gambia,” said Matthew Langhenry, MCC Resident Threshold Director in Gambia. “The programme also constitutes an affirmation of Gambia’s commitment to good governance and equitable prosperity at a critical time in Gambia and the broader region.”
The programme is the result of several consultations MCC has held with the Gambian government, private-sector, international partners, and civil society to determine the greatest needs for the country’s economic growth.
These consultations determined that Gambia’s efforts to improve the generation and delivery of electricity are a key component of future economic prosperity. Improving electricity systems will result in higher productivity and efficiency and address the high costs and lost production caused by frequent outages.
Approval from MCC’s Board means that MCC and the Gambia can now finalize and sign the threshold agreement. MCC looks forward to collaborating with the Government on this process and beginning programme implementation soon.
The MCC is an independent U.S. Government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
-0- PANA MSS/AR 29Sept2021
