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The Board of the Millennium Challenge Corporation approved a $175 million five-year compact with Nicaragua on June 13, 2005. The program aims to strengthen property rights, reduce transportation costs, and increase rural productivity. On June 27, 2005 CGD hosted the event, "Assessing Nicaragua’s Millennium Challenge Account Compact" to discuss how Nicaragua's MCA Compact took shape.
The event featured the following speakers: Manuel R. Agosin - Regional Economic Advisor, Mexico, Central America, Haiti, Dominican Republic, Inter-American Development Bank; Manuel Orozco - Senior Associate and Executive Director, Remittances and Rural Development Project, Inter-American Dialogue; His Excellency Salvador Stadthagen - Nicaragua’s Ambassador to the United States; and James Vermillion - Managing Director, Latin America, The Millennium Challenge Corporation. The event was moderated by CGD Senior Fellow Steve Radelet.