{"id":30999,"date":"2023-08-31T10:07:07","date_gmt":"2023-08-31T04:37:07","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=30999"},"modified":"2025-04-16T08:17:48","modified_gmt":"2025-04-16T02:47:48","slug":"millennium-challenge-corporation","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/millennium-challenge-corporation\/","title":{"rendered":"What is the Millennium Challenge Corporation (MCC)?"},"content":{"rendered":"<h2><strong>About Millennium Challenge Corporation<\/strong><\/h2>\n<ul>\n<li>MCC is an\u00a0<strong>independent U.S. foreign assistance agency<\/strong> that has the\u00a0<strong>goal of reducing poverty in developing countries.<\/strong><\/li>\n<li>It was c<strong>reated by the U.S. Congress in 2004<\/strong>\u00a0<strong>to promote economic growth, open markets, and increased living standards in select countries.<\/strong><\/li>\n<li><strong>How does it work?<\/strong>\n<ul>\n<li><strong>M<\/strong>CC\u00a0<strong>forms partnerships with countries<\/strong> that are\u00a0<strong>committed to good governance, economic freedom and investing in their citizens.\u00a0<\/strong><\/li>\n<li>MCC\u00a0<strong>provides selected countries<\/strong>\u00a0<strong>with large-scale grants to fund projects<\/strong> for reducing poverty through sustainable economic growth.\u00a0<\/li>\n<li>These p<strong>rojects include building infrastructure, reforming institutions, and promoting access to healthcare and education.<\/strong><\/li>\n<li>MCC grants may complement other U.S. and international development programs.<\/li>\n<\/ul>\n<\/li>\n<li><strong>MCC utilizes two primary types of grants<\/strong>:\u00a0<strong>compacts and threshold programs.<\/strong>\n<ul>\n<li><strong>Compacts are large, 5-year grants for countries that pass MCC\u2019s eligibility criteria.<\/strong><\/li>\n<li><strong>Threshold Programs are smaller grants awarded<\/strong>\u00a0<strong>to countries that come close to passing these criteria<\/strong> and are committed to improving their policy performance.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Governing Body: T<\/strong>he\u00a0<strong>US Secretary of State, the Secretary of the Treasury, the U.S. Trade Representative, and the USAID Administrator serve on the MCC board<\/strong> along with four private sector representatives.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What is the difference between a Grant and a Loan?<\/h3>\n<p>A loan requires you to repay the money you borrow, whereas a grant does not. Grants are, essentially, a gift. In other words, they&#8217;re non-repayable. Grants may be awarded by government departments, trusts, or corporations and given to individuals, businesses, educational institutions, or non-profits.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/timesofindia.indiatimes.com\/world\/us\/formal-implementation-of-multi-million-us-dollar-mcc-pact-begins-in-nepal\/articleshow\/103220348.cms?from=mdr\" target=\"_blank\" rel=\"nofollow noopener\"><u>Formal implementation of multi-million US Dollar MCC pact begins in Nepal<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millennium Challenge Corporation is an independent U.S. foreign assistance agency.<\/p>\n","protected":false},"author":5,"featured_media":31000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-30999","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/30999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=30999"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/30999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/31000"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=30999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=30999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=30999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}