MCC Board Approves Cape Verde and Nicaragua Compacts, Signs Honduras Compact

The MCC today approved two new five-year compacts, and held a signing ceremony for the recently approved $215 million compact with Honduras.Speaking at the ceremony, Secretary of State Condoleezza Rice said that the compact was the reflection of the commitment of the people of Honduras to change. "Honduras compact embodies the new approach to development embraced by nations at the Monterrey Summit in 2002," she said.Honduran President Ricardo Maduro Joest said that the compact came at a good time for Honduras. "Our citizens must see that our democracy delivers more than promises," he said as he listed a number of reform initiatives.Following on the Honduran success, the board of directors approved a $110 million compact for Cape Verde and one for $175 million for Nicaragua.Cape Verde's compact focuses on infrastructure development ($74 million), agricultural development ($11 million), and private sector development ($7.2 million). In addition, $8 million and $4 million will be allocated to program administration and monitoring and evaluation, respectively.Nicaragua's compact will improve transportation infrastructure ($92.8 million), promote rural business development ($33.7 million), and strengthen property rights ($26.5 million). An additional $22 million will be allocated to the program oversight and monitoring and evaluation.Today's approval brings the total number of compacts to four. The MCC signed a compact with Madagascar in April.Read signing ceremony remarksRead Honduras compact summaryRead Honduras compact