In a session before the Senate Appropriation Committee’s State, Foreign Operations, and Related Programs Subcommittee, Millennium Challenge Corporation (MCC) CEO Alice Albright passionately defended President Biden’s fiscal year 2025 budget request for MCC.
The hearing, held on May 15, 2024, in Washington, D.C., highlighted the significance of MCC’s initiatives in global development and security.
Albright stated the dual importance of MCC’s development programs, addressing both economic growth and national security concerns. She highlighted their role in countering the influence of foreign powers by strengthening U.S. presence, fostering relationships, and promoting democratic principles worldwide.
“Through our robust portfolio, MCC has consistently supported democracies in meeting the needs of their citizens,” Albright affirmed. She outlined upcoming programs awaiting approval in FY25, stressing the necessity of support for MCC’s budget request of $937 million to facilitate global economic resilience and domestic security enhancements.
Additionally, Albright advocated for bipartisan legislative amendments to expand MCC’s reach to 30 more countries across various regions. This expansion aligns with MCC’s mission to combat poverty through sustainable growth and adherence to governance standards.
Since its establishment in 2004, MCC has been a pivotal player in U.S. global development efforts. Through time-limited grants and strategic investments, MCC bolsters infrastructure and promotes policy reforms in countries committed to governance, transparency, and democratic principles.
