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Consider the following statements regarding Millennium Challenge Corporation (MCC):
- It is an independent U.S. foreign assistance agency.
- It provides selected countries with large-scale grants to fund projects for reducing poverty.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Millennium Challenge Corpo...
Aiming to enhance the road and power transmission capacity of Nepal, the multimillion-dollar Millennium Challenge Corporation (MCC) pact recently started its work formally.
About Millennium Challenge Corporation:
- MCC is an independent U.S. foreign assistance agency that has the goal of reducing poverty in developing countries.
- It was created by the U.S. Congress in 2004 to promote economic growth, open markets, and increased living standards in select countries.
- How does it work?
- MCC forms partnerships with countries that are committed to good governance, economic freedom and investing in their citizens.
- MCC provides selected countries with large-scale grants to fund projects for reducing poverty through sustainable economic growth.
- These projects include building infrastructure, reforming institutions, and promoting access to healthcare and education.
- MCC grants may complement other U.S. and international development programs.
- MCC utilizes two primary types of grants: compacts and threshold programs.
- Compacts are large, 5-year grants for countries that pass MCC’s eligibility criteria.
- Threshold Programs are smaller grants awardedto countries that come close to passing these criteria and are committed to improving their policy performance.
- Governing Body: The US Secretary of State, the Secretary of the Treasury, the U.S. Trade Representative, and the USAID Administrator serve on the MCC board along with four private sector representatives.
Hence both statements are correct.
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Consider the following statements regarding Millennium Challenge Corpo...
Explanation:
The correct answer is option 'C' - Both 1 and 2.
Statement 1:
It is an independent U.S. foreign assistance agency.
The Millennium Challenge Corporation (MCC) is indeed an independent U.S. foreign assistance agency. It was established in 2004 by the United States Congress with the goal of reducing global poverty through economic growth. The MCC operates independently from other foreign assistance agencies and is led by a CEO who reports directly to the President of the United States. It has its own Board of Directors, which includes the Secretary of State, the Secretary of the Treasury, the U.S. Trade Representative, and other relevant officials.
Statement 2:
It provides selected countries with large-scale grants to fund projects for reducing poverty.
This statement is also correct. The MCC provides large-scale grants to eligible countries to fund projects aimed at reducing poverty. These grants, called Millennium Challenge Account (MCA) compacts, are awarded to countries that meet certain criteria related to good governance, economic freedom, and investment in their people. The MCC conducts a rigorous selection process to determine which countries are eligible for funding, and those selected enter into a compact agreement with the MCC.
The compact agreements outline specific projects and programs that the MCC funds within the selected countries. These projects can range from infrastructure development to agricultural productivity improvement, from education and healthcare initiatives to governance and institutional reforms. The MCC provides grants rather than loans, which means that recipient countries do not have to repay the funds.
The MCC's approach is based on the principle of country ownership, meaning that recipient countries play a central role in the design, implementation, and monitoring of the projects funded by the MCC. This ensures that the projects are tailored to the specific needs and priorities of the countries, leading to more effective and sustainable development outcomes.
In conclusion, both statements are correct. The Millennium Challenge Corporation is an independent U.S. foreign assistance agency that provides selected countries with large-scale grants to fund projects aimed at reducing poverty.
The correct answer is option 'C' - Both 1 and 2.
Statement 1:
It is an independent U.S. foreign assistance agency.
The Millennium Challenge Corporation (MCC) is indeed an independent U.S. foreign assistance agency. It was established in 2004 by the United States Congress with the goal of reducing global poverty through economic growth. The MCC operates independently from other foreign assistance agencies and is led by a CEO who reports directly to the President of the United States. It has its own Board of Directors, which includes the Secretary of State, the Secretary of the Treasury, the U.S. Trade Representative, and other relevant officials.
Statement 2:
It provides selected countries with large-scale grants to fund projects for reducing poverty.
This statement is also correct. The MCC provides large-scale grants to eligible countries to fund projects aimed at reducing poverty. These grants, called Millennium Challenge Account (MCA) compacts, are awarded to countries that meet certain criteria related to good governance, economic freedom, and investment in their people. The MCC conducts a rigorous selection process to determine which countries are eligible for funding, and those selected enter into a compact agreement with the MCC.
The compact agreements outline specific projects and programs that the MCC funds within the selected countries. These projects can range from infrastructure development to agricultural productivity improvement, from education and healthcare initiatives to governance and institutional reforms. The MCC provides grants rather than loans, which means that recipient countries do not have to repay the funds.
The MCC's approach is based on the principle of country ownership, meaning that recipient countries play a central role in the design, implementation, and monitoring of the projects funded by the MCC. This ensures that the projects are tailored to the specific needs and priorities of the countries, leading to more effective and sustainable development outcomes.
In conclusion, both statements are correct. The Millennium Challenge Corporation is an independent U.S. foreign assistance agency that provides selected countries with large-scale grants to fund projects aimed at reducing poverty.
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Consider the following statements regarding Millennium Challenge Corporation (MCC): It is an independent U.S. foreign assistance agency. It provides selected countries with large-scale grants to fund projects for reducing poverty.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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