MCC Marks Closeout of $277 Million El Salvador Investment Compact
September 9, 2020
WASHINGTON, D.C. – Today, the Millennium Challenge Corporation (MCC) celebrates its partnership with the Government of El Salvador through the conclusion of the El Salvador Investment Compact—the second for the country—a five-year grant agreement that aimed to create greater economic opportunity for the Salvadoran people through jobs training, improved transportation, and a strengthened investment climate.
Compact implementation was heavily impacted by the COVID-19 pandemic, however, in a testament to El Salvador’s commitment to country ownership, the government has agreed to continue the funding and implementation of the compact’s projects.
The compact activities included the launch of the country’s first two Public-Private Partnerships to expand the cargo terminal at San Salvador’s International Airport and construct street lighting and video surveillance on the highway around San Salvador. Additionally, more than 4,500 teachers, school directors, and education specialists were trained, and 32 schools were constructed through the compact’s programs. MCC’s investment in El Salvador also prioritized women’s economic participation by improving women’s access to better earning potential and career opportunities in traditionally male-dominated fields.
“MCC’s El Salvador Investment Compact has provided new economic opportunities for the people of El Salvador,” said MCC CEO Sean Cairncross. “This work is possible because of the strong commitment and partnership of President Bukele and the Salvadoran government. We are proud of what we have been able to accomplish together and look forward to the successful completion of the remaining projects.”
The El Salvador Investment Compact is part of a long, productive MCC – El Salvador partnership which began in 2006. This compact built on the success of the country’s first compact with MCC, which brought electricity to 35,412 families, connected 7,600 households to potable water, and rehabilitated 223 km of roads.
Learn more about the accomplishments of the MCC–El Salvador Investment Compact here.