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August 17, 2005
MCC Board Approves $295.3 Million Compact with Georgia
Posted by at 02:58 PM
The MCC's Board of Directors approved a compact with Georgia on August 16. The five-year $215 million compact aims to boost rural development and reduce poverty in the region outside of the capital city of Tbilisi where more than half of the country's rural population lives.
Georgia's compact is the first to be approved for a former Soviet republic. The MCC anticipates signing the agreement with Georgia in September after congressional review.
Madagascar, Honduras, Nicaragua and Cape Verde signed their compacts with the United States earlier this year. Armenia, another former Soviet republic, also qualified for MCA fundings, but has yet to get the board's approval.