Millennium Challenge Act of 2003

The Millennium Challenge Act of 2003 proposes the creation of a new government agency, the Millennium Challenge Corporation (MCC), to manage a specialized foreign aid program. This bill would provide financial assistance to developing nations that demonstrate a commitment to democratic governance, economic freedom, and investments in their own people, such as healthcare and education. Instead of traditional aid, the program would require recipient countries to enter into formal contracts with the U.S. to implement specific plans for reducing extreme poverty and fostering long-term economic growth.