CURRENT AFFAIRS

Detailed explanation-1: -The Millennium Challenge Corporation (MCC) is an innovative and independent U.S. foreign assistance agency that is helping lead the fight against global poverty.

Detailed explanation-2: -As of September 2017, MCC has formed partnership in 46 countries around the world including Nepal. Nepal is the only country in South Asia that MCC provided fund. Sri Lanka is in the pipeline after Nepal.

Detailed explanation-3: -MCC’s mandate is to assist the world’s poorest countries in reducing poverty through economic growth while strengthening good governance, economic freedom, and investments in people in those countries selected to receive its assistance.

Detailed explanation-4: -Created in 2004, MCC provides time-limited grants and assistance to poor countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. This cooperation does not involve funding and is independent of any MCC compact or threshold program partnerships.