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Millennium Challenge Corporation and Georgia

Millennium Challenge Corporation meeting in Tbilisi, Georgia
Millennium Challenge Corporation meeting in Tbilisi, Georgia

New compact with Georgia worth $140 million entered into force this month.

Last July the United States signed a second Millennium Challenge Corporation, or MCC, compact with Georgia worth $140 million that entered into force this month. It will focus on improving the quality of education for youth across Georgia.

Millennium Challenge Corporation and Georgia
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A partnership with San Diego State University is a key component of the MCC’s second compact with Georgia. The program involves three Georgian universities as local partners and will offer young men and women the opportunity to earn internationally accredited degrees in science, technology, engineering, and math in Georgia.

MCC Chief Executive Officer Dana Hyde said, “This partnership will enrich the educational experiences of both Georgian and American students who will have for the first time the unique opportunity to learn alongside each other.” Education is a key tool for reducing poverty and increasing global competitiveness.

Georgia, Ms. Hyde, observed, has already made tremendous strides in improving the business climate for investors and supporting economic growth. According to the International Finance Corporation’s Ease of Doing Business Index, Georgia catapulted from 112th to 8th place by overhauling tax and customs administration, business and property registration and its court system. It is pro-business reforms like these that improve Georgia’s attractiveness to global companies looking for investment opportunities.

The new MCC compact will complement these reforms and help Georgia realize its economic growth potential. By improving the link between the skills Georgians possess and what the labor market needs, the MCC compact will help Georgians entering the workforce find good jobs in industries that fuel economic growth.

It is also important to note, said Ms. Hyde, “that as part of this investment, the Georgian government has committed to undertaking specific policy, legal and regulatory reforms that will go a long way to sustain our investment beyond its five years.”

Coming on the heels of Georgia’s historic signing of an Association Agreement with the European Union, the United States is confident that the partnership among MCC, the Government of Georgia, San Diego State University, and Georgian universities will be another step in helping to integrate Georgia into the global economy, as well as help Georgia to continue to advance its Euro-Atlantic integration aspirations.