MCC signs a compact agreement or threshold agreement with a partner country. A compact is a five-year grant awarded to certain countries, assessing the selection criteria. If a country does not have a passing score, but has a positive upward trend in selection criteria, it may still be eligible for a threshold program. The growth agenda is a small program focused on political and institutional reforms. The government of each partner country of excellence must create a special purpose legal entity responsible for the implementation of the grant program. Indeed, Sri Lanka is often cited as a case study of debt trap diplomacy in the region and it is legitimate to argue that the government should be vigilant in reviewing the terms of future development agreements. The U.S. government`s Millennium Challenge Corporation (MCC) and the Benin government signed a $375 million grant agreement or pact focused on Benin`s energy sector in September 2015. The Benin government is supporting MCC`s investment with an additional $28 million. The entry into force of the pact allows the use of these funds for the realization of project activities for a period of five years, the duration of the program. MCC estimates that approximately 9.8 million people will benefit from this investment, 49% of whom live on less than $4 a day. The main points of contention are: where does the money go and what does this funding mean? In accordance with the draft publicly available agreement, the MCC is providing this grant to address two of the “binding constraints” that Sri Lanka imposes on economic growth: (a) inadequate infrastructure and transport logistics planning and (b) lack of access to land for agriculture, services and industrial investors. In April 2018, the agoa and MCA modernization laws gave MCC the power to enter into parallel pacts to promote cross-border economic integration, trade and cooperation.

In December 2018, the MCC`s Board of Directors selected five West African countries for parallel pacts: Benin, Burkina Faso, Côte d`Ivoire, Ghana and Niger. In response to the Ghanaian government`s decision to terminate the concession agreement between Electric Company of Ghana Ltd (ECG) to private operator Power Distribution Services Ghana Ltd (PDS), the MCC Board of Directors did not select Ghana for regional investments in 2019. The agreement will not enter into force until it has been presented to the Sri Lankan Parliament and adopted by Parliament and will provide comprehensive safeguards to ensure that all relevant stakeholders are involved in the approval process. Finance Minister Mangala Samaraweera said concerns about the non-presentation of the agreement to Parliament before it was signed were inappropriate, saying that Parliament could not debate any unsigned documents.

sumitMCC signs a compact agreement or threshold agreement with a partner country. A compact is a five-year grant awarded to certain countries, assessing the selection criteria. If a country does not have a passing score, but has a positive upward trend in selection criteria, it may still be eligible...Birthday Wishes, Quotes, Gifts and Cards