Mongolia and USA strengthen relations
The MCC Mongolia Water Compact will address the impending economic crisis by bolstering infrastructure capacity and instituting lasting regulatory reforms.
Mongolian Prime Minister Khurelsukh and Secretary of State and Chairman of the Board of the Millennium Challenge Corporation (MCC) Michael R. Pompeo signed a Joint Declaration recognizing the new $350 million MCC Water Compact with Mongolia. The MCC Mongolia Water Compact will address the impending economic crisis by bolstering infrastructure capacity and instituting lasting regulatory reforms resulting in an estimated 80% increase in water supply. This investment will better position the country to support private-sector-led economic growth. In addition to the $350 million MCC investment, the Government of Mongolia has committed $111.8 million to the Compact, one of the largest partner country commitments in the history of MCC. The relationship between MCC and the Mongolian people stretches back more than 10 years since the first $285 million Mongolia Compact was signed in 2007. The new Mongolia Compact addresses a critical human need: access to water. In less than three decades, the population of Ulaanbaatar and its corresponding demand for water has nearly tripled in size. MCC data indicates the capital city’s demand for water could exceed supply as soon as 2019. The Millennium Challenge Corporation 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 low-income countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights.
Views: 1227
Tweet