MCC Completes Successful Five-Year Compact with El Salvador
Sep 27, 2012
The Millennium Challenge Corporation (MCC) announced the successful completion of its five-year compact with El Salvador. The $461 million compact was designed to reduce poverty through strategic investments in agricultural production, rural business development, transportation infrastructure, education and public services.
MCC’s work in El Salvador focused on economic development in the Northern Zone, where MCC financing has enabled Salvadorans to realize a long-held aspiration of opening up the Northern Zone to markets in neighboring countries and better integrating it with the rest of the country. “I congratulate the people and government of El Salvador on the successful completion of the compact – the Northern Zone is now open for business and investment,” said MCC CEO Daniel Yohannes. “Through electrification, new roads, bridges, water and sanitation, and a trained work force, more than 700,000 people are expected to benefit from these investments over the next 20 years.”
The MCC-El Salvador compact is already delivering results:
• Based on the preliminary findings of an independent impact evaluation, within one year of receiving assistance, dairy farmers increased their annual productive income by an estimated $1,850 on average compared to those who did not receive assistance. These farmers sold a larger volume of milk and more secondary dairy products than farmers who did not receive assistance.
• More than 17,000 small holder farmers and other producers working on approximately 23,500 hectares received training, seeds, equipment and technical assistance to increase production of short-season vegetables and fruits, and improve pasture lands.
• Approximately 220 kilometers of roads will be rehabilitated or newly constructed in northern El Salvador. This east-west highway in the north stretches close to the borders with Guatemala and Honduras, and the improvements are expected to reduce travel time by 50 percent – from 12 hours to six hours.
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