WASHINGTON, D.C., June 19, 2020 – At its quarterly meeting, the Millennium Challenge Corporation (MCC) Board of Directors, on June 17, unanimously approved the proposed Burkina Faso compact—MCC’s five-year grant program. The Board also approved the minutes of the February 2020 Audit Committee meeting.
“I am pleased to announce the MCC Board of Directors’ unanimous approval of the Burkina Faso compact,” MCC CEO Sean Cairncross said. “This compact will drive economic growth for the people of Burkina Faso, and we look forward to getting the program underway.”
This is MCC’s second compact with Burkina Faso and will focus on addressing the primary constraints to economic growth: the high cost, poor quality, and low access to electricity. The compact aims to improve energy infrastructure, generation capacity, and source diversification — it will also support Burkina Faso’s increased participation in regional power markets and development of a potential MCC regional investment.
MCC’s time-limited grant investments aim to reduce poverty through economic growth, creating more stable, secure countries with new business opportunities. Created in 2004 as an independent U.S. Government agency, MCC partners with select developing countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. To learn more about MCC and our country partnerships, visit mcc.gov.