Africa investments are a top priority for MCC

The Millennium Challenge Corporation, MCC, recently announced a $70-million commitment to bring one billion dollars in public-private investments to developing countries over the next five years. A large portion of the grant money will go to Africa and is expected to generate $750 million in investments in Africa from the private sector. “MCC is typically […]

The Millennium Challenge Corporation, MCC, recently announced a $70-million commitment to bring one billion dollars in public-private investments to developing countries over the next five years.
A large portion of the grant money will go to Africa and is expected to generate $750 million in investments in Africa from the private sector.
“MCC is typically going to invest in large-scale infrastructure projects,” said Kyeh Kim, Deputy Vice-President of Compact Operations for the MCC. “It’s about two-thirds of our portfolio.
“Within the infrastructure portfolio we will help prepare some of the projects for the market such that private companies would find them attractive and be interested in investing along-side some of these projects.”
The anticipated result would be public private partnerships that increase the effectiveness of the operation and the maintenance of the investments.
“An example of this would be something that we did in Jordan with the waste water treatment plant, where MCC came in with about $93-million dollars in grant financing and we were able to partner with a private sector consortium that contributed about $110 million. And so with over $200-milllion we were able to expand a waste water treatment plant providing increased water supplied to the Jordanians,” explained Kim.