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PRESS RELEASE |
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Ministry of
Finance and Development Planning
P.O. Box 395
Maseru
LESOTHO
Tel: +266 22311101 Fax: +266 22311702
PRESS RELEASE
Following a formal announcement by the United States of
America of countries eligible for Millennium Challenge
Account funding in May 2006, the Government of Lesotho
submitted its Compact proposal seeking financial assistance
on 29th June 2006. The proposal focused on three main
sectors namely; water resource management, health sector
infrastructure and private sector development.
On July 20th, 2006 the Investment Committee of the
Millennium Challenge Corporation (MCC) authorised full due
diligence on activities proposed in the compact and in
particular the strategy for economic growth and poverty
reduction; the consultative process; plans for policy
reforms; expected outcomes; measurement of results; and
merits and risks of each component of the programme.
Successful completion of due diligence led to Compact
negotiations which were held between both parties in
Washington from 7 to 10 May 2007. Following negotiations,
the MCC Investment Committee approved the compact and its
components as follows:
• Water Sector Projects US $ 164.0 million
• Health Sector Project US $ 122.4 million
• Private Sector Development Projects US $ 36.1 million
• Monitoring and Evaluation US $ 7.8 million
• Programme Management and Oversight US $ 32.2 million
The MCC Board of Directors approved the compact amounting to
US $ 362.6 million on Wednesday 27th June 2007. The Proposed
date of compact signing is July 23rd, 2007 in Washington.
© Office of the Principal Secretary
28/07/2007
PRINTER FRIENDLY
VERSION [PDF]
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