Prime Minister signs MCC USD350 million compact

2018-09-21 16:48:00

Ulaanbaatar/MONTSAME/ An official visit of Mongolia’s Prime Minister U.Khurelsukh to the United States is continuing. On September 20, Mongolia’s Second Millennium Challenge Corporation Compact was officially authenticated. Prime Minister U.Khurelsukh and US Secretary of State Michael Richard Pompeo signed MCC USD350 million compact at the U.S. Department of State.

Mongolia’s MCC compact aims to support vital improvements to infrastructure of supplying water to Ulaanbaatar, and will secure the long-term sustainability of that infrastructure through policy reforms.

Previously, Mongolia was granted funding worth USD285 million through MCC, which lasted for five years, ending in 2014.

In 2014, MCC’s Board of Directors made a decision to involve Mongolia in a list of countries eligible to sign the Second Compact Agreement. Over the past four years, related researches and estimations were carried out. Based on the study and project, the U.S. side resolved on what directions MCC funding would be spent.