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MCC selects Benin as eligible to develop a concurrent regional compact

MCC provides time-limited grants and assistance to countries that demonstrate a commitment to good governance, investments in people and economic freedom. (Image source: AdobeStock/70675494)

The Millennium Challenge Corporation (MCC) Board of Directors held its quarterly meeting on 11 December 2018 and approved Benin as eligible to develop a concurrent regional compact

Earlier this year, the US Congress granted MCC the authority to select countries which currently have MCC compacts for concurrent compacts for the purpose of regional economic integration, increased regional trade, or cross-border collaboration.

Eligibility for a concurrent compact will provide Benin with the opportunity to explore potential and new regional investments, while Benin implements its current compact.

The West African country's second MCC compact, which entered into force on 22 June 2017, is dedicated entirely to the electricity sector.

The US$375mn grant is supplemented by a US$28mn contribution from the government of Benin and aims to strengthen the national utility, attract private sector investment in electricity generation, and fund infrastructure investments in electricity distribution as well as off-grid electrification for poor and unserved households.

The Millennium Challenge Corporation is an independent US Government agency working to reduce global poverty through economic growth. MCC provides time-limited grants and assistance to countries that demonstrate a commitment to good governance, investments in people and economic freedom.

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