20 Years of Investment in Africa – Millennium Challenge Corporation Announces New Compact with Malawi

The Millennium Challenge Corporation (MCC), marked a major milestone this week at the U.S.-Africa Business Summit organized by the Corporate Concil on Africa – celebrating two decades of investment and partnership across the African continent.

Speaking at the summit in Dallas, MCC CEO Alice Albright highlighted the agency’s significant engagement in Africa since its founding in 2004 under President George W. Bush.”

Of the $17 billion that we’ve invested globally so far, 10 billion of it has gone to the continent. We’ve worked in 24 countries,” Albright stated. “Almost all of it relates to infrastructure in one way or another.” 

With around $3 billion currently in active programs across Africa, the MCC aims to spur economic growth and reduce poverty through grants focused on key sectors like infrastructure, agriculture and energy.

New $350 Million Compact with Malawi

A major highlight was the announcement of MCC’s 79th global compact – a $350 million investment in Malawi to improve agricultural logistics and help farmers get their goods to market more efficiently. 

The new compact was formally launched alongside Malawian President Lazarus Chakwera at the summit. It will fund upgrades to road and rail networks to enhance connectivity between production regions and market centers.

“We are very excited about that,” Albright said of the Malawi compact, which represents MCC’s first new program in Africa since 2017. 

Millennium Challenge Corporation Regional Programs and Mozambique Investment

Looking ahead, Albright pointed to upcoming regional investment programs being developed, including with the island nation of Cabo Verde.

“We announced it earlier this year. We had a chance to speak with [President Neves] further about something that we think is going to be very interesting, which is a regional program with an island nation,” she stated. 

MCC is also gearing up to implement its recently-signed $500 million compact with Mozambique, with a key focus on rehabilitating the vital Mocuba bridge linking the north and south. The bridge has been severely impacted by flooding and climate change effects.

As it celebrates two decades of work in Africa, the MCC aims to build on its active programs and new investments to drive sustainable economic development and poverty reduction across the continent.