U.S.-Africa Business Summit 2024: Plenary: Celebrating 20 Years of Millennium Challenge Corporation in Africa

On Tuesday, May 7, the U.S-Africa Business Summit kicked off with a presidential plenary session with the Millenium Challenge Corporation, celebrating 20 years of the organization in Africa fostering sustainable economic development. The Presidential Plenary Session featured distinguished guests such as the President and CEO of Corporate Council on Africa, Florizelle Liser, the CEO of the Millenium Challenge Corporation, Hon. Alice Albright, the President of the Republic of Malawi, H.E Lazarus Chakwera, the President of theRepublic of Cabo Verde, H.E Jose Maria Neves, and the President of the Republic of Liberia, H.E Joseph Boakai. The plenary session started with remarkable remarks from Florizelle Liser, who explained the benefits of the partnership between the Millenium Challenge Corporation and the African continent to foster sustainable economic growth. She highlighted the innovative approach of the United States foreign development assistance by creating the Millennium Challenge Corporation and celebrating the partnership between MCC and the Bush Institute. The President of the Republic of Capo Verde had stressed the importance of the compact programs with the Millenium Challenge Corporation through the modernization of the port and reformation of two key sectors identified as current constraints to economic growth. The benefits of these compact programs were reduced transportation costs, integrated internal markets, and improved business climate in Cabo Verde. He was followed by the President of the Republic of Malawi, H.E Lazarus Chakwera, who mentioned the success of the different programs with the MCC in helping Malawi foster economic growth. He further explained how the three-year threshold program helped combat public corruption and enhance better fiscal management. The threshold program paved the way for Malawi to qualify for its first compact program of $357 million USD investment in reliable energy and power infrastructure, which helped increase power production by 30 percent. Indeed, the program created the conditions for private independent power producers to enter the market through fostering competition, innovation, and efficiency. President, H.E Lazarus Chakwera, also explained the Malawi Transport and Land Compact, which reaped tremendous benefits such as reducing time to the export market for the rural farmers. The program enhanced food security, agricultural development, and opportunities for local farmers to export their products. President of the Republic of Liberia, H.E. Joseph Boakai, talked about the previous threshold program in the energy sector. The program increased access to electricity from 9.4 to 30 percent, quadrupled electricity capacity, and reduced power outages from 47.7 percent to 31 percent. The President stressed the need for more investment in road networks and communication systems in the future. The CEO of the Millenium Challenge Corporation, Hon. Alice Albright, explained MCC’s role in the continent’s economic development, with $10 billion USD invested across 24 countries. Furthermore, she stressed the necessity for future partner countries to create the conditions to receive grants from the Millenium Challenge Corporation.