MCC's First Full Board Meeting to Approve New Compacts

The two new candidates nominated to serve on MCC's Board of Directors, Alan Patricof and Lorne Craner, were confirmed by the Senate on June 22. This will make tomorrow's (June 27th) board meeting MCC's first ever with a full board of directors. On the agenda is discussion of the budget, an implementation update, and the approval of two new compacts: Mozambique and Lesotho. Mozambique's compact (estimated at $500 million) includes programs for water and sanitation, roads, improved land administration, and agribusiness development. Lesotho's compact (estimated at $362 million) includes programs for health care infrastructure, rural and urban water infrastructure, and private sector development. Not on the docket for this board meeting, but projected to sign at the end of August is Morocco. Originally estimated to be over $700 million, recent revisions show it will likely be closer to $650 million. The compact will focus on market infrastructure, financial sector support and support for small business development and growth.