Statement by the Press Secretary on Madagascar and Millennium Challenge Corporation Board

Today, Madagascar became the first country to sign a Compact with the Millennium Challenge Corporation (MCC) Board. The signing of this compact marks the beginning of a new approach to development assistance that recognizes sound policies and good governance are vital to poverty reduction and economic growth in developing countries. The United States congratulates the Government of Madagascar for its hard work with the Millennium Challenge Corporation to develop this $110 million program to raise rural incomes and productivity, and for its commitment to ruling justly, investing in its people, and promoting economic freedom. MCC is working in partnership with other eligible countries to complete their proposals for MCA assistance.