1. Short title
This Act may be cited as the “Millennium Compacts for Regional Economic Integration Act” or “M–CORE Act”.
Millennium Compacts for Regional Economic Integration Act
A BILL
To amend the Millennium Challenge Act of 2003 to authorize concurrent compacts for purposes of regional economic integration and cross-border collaborations, and for other purposes.
2. Findings
Congress finds the following:
For more than a decade, six of the world’s 10 fastest growing economies are located in sub-Saharan Africa.
Many African nations are landlocked and their economies are isolated and will require greater support to benefit from regional integration of markets, infrastructure, and trade promotion type policies.
By connecting isolated African economies, there exists the potential to increase investment opportunities and support market-based growth.
While the African continent has experienced positive economic growth trends, successfully addressing the continent's infrastructure gaps could increase gross domestic product growth by an estimated two percent.
In recent years, the World Bank has doubled its investment in African regional integration from $1.8 billion to $3.6 billion for projects to address infrastructure deficiencies, unemployment, and poverty reduction.
African nations, including regional economic bodies, have increasingly realized that a key driver to economic growth must involve greater cross-border collaboration and regional economic integration to address deficiencies in areas such as communications, transport, and energy networks.
The Millennium Challenge Corporation’s compacts have increased access to reliable power, enhanced highway corridors, and upgraded regional trading hubs, thereby promoting economic growth and cross-border engagement between and among African nations.
3. Purpose
This purpose of this Act is to expand the Millennium Challenge Corporation’s ability to develop compacts with nations, particularly in Africa, that promote regional economic integration and cross-border collaborations.
4. Millennium Challenge Compact
Concurrent compacts— Section 609 of the Millennium Challenge Act of 2003 (22 U.S.C. 7708) is amended—
by striking the first sentence of subsection (k); and
by inserting after subsection (k) the following new subsection:
“(l) Concurrent compacts—In accordance with the requirements of this title, an eligible country and the United States may enter into and have in effect more than one Compact at any given time, including a concurrent Compact for purposes of regional economic integration or cross-border collaborations, only if the Board determines that the country is making considerable and demonstrable progress in implementing the terms of existing Compacts and supplementary agreements thereto.”
Applicability— The amendments made by subsection (a) apply with respect to Compacts entered into between the United States and an eligible country under the Millennium Challenge Act of 2003 before, on, or after the date of the enactment of this Act.
Conforming amendment— Section 613(b)(2)(A) of such Act (22 U.S.C. 7712(b)(2)(A)) is amended by striking “the” before “Compact” and inserting “any”.