Paul Applegarth, Former CEO, Millennium Challenge Corporation

Initiative Session Date: October 14, 2004

Summary:
Paul Applegarth spoke to the Initiative for Global Development about the work of the Millennium Challenge Corporation (MCC). He said that there was a lot of commonality between what the Initiative is advocating and the work of the Millennium Challenge Corporation. Namely, there is a focus on good governance, economic growth as a means of alleviating poverty, creating economic freedom and anticorruption. Applegarth explained that the MCC grew out of the President's 2002 National Security Strategy that included development, elimination of poverty and diplomacy. It also arose from the promise made by the UN to financially reward emerging market countries that take responsibility for their own development and put policies in place to promote growth and reduce poverty. Applegarth concluded by saying that the work of the MCC is important to the United States in the context of security, global growth and business opportunities but, more importantly, as a statement of American values, in the best tradition of international, bipartisan engagement. Applegarth said that when Americans learn about the MCC, they like what they hear because it represents America at its best, working to make the world a better place, through innovation, partnership and an emphasis on results.

“At the end of the day we believe what we're really providing is the incentive for the governments to put a good policy environment in place. Because that's what will really drive growth, that's what will really drive poverty reduction .”

-Paul Applegarth speaking about the work of the MCC.

Millennium Challenge Corporation