U2's Bono Rocks the World
From the Archives
Posted on October 26, 2004
Previously filed under: General Globalization
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In response to a question regarding the Millennium Challenge Account, which was the subject of my last Blog, Bono said that he thinks it is a wonderful concept.
The Millennium Challenge Corporation is a new approach to foreign aid. It sets up a competition for earning foreign aid. In 2004, seventy of the world's poorest countries competed for the $1 billion dollars in aid to be distributed. Sixteen countries bid successfully. In 2005 the US has promised $5 billion.
The criteria that competing countries must meet address the weaknesses in many past foreign aid programs. Corruption, just governance, investing in their own citizens and economic freedom, are among the factors evaluated (only 23 percent of those countries that apply for Millennium Challenge aid will receive it in the first year). Further, a business plan for how the aid will be spent must be submitted and approved. Adherence to the agreed upon plan and success in achieving its goals will be carefully evaluated and publicly reported.
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Support for finding more effective ways to help the poor countries of the world move forward in building self-sustaining economies and governments is blossoming within very disparate support groups. Paul Applegarth, CEO of the Millennium Challenge Corporation, spoke recently to the Portland, Oregon Chapter of the Initiative for Global Development (IGD), an organization of business people started in Seattle, Washington. The objective of the IGD is to favorably influence US public policy in ways that will help to eliminate the world's most extreme poverty.
Mercy Corps and other humanitarian organizations have come together in the Better and Safer World Campaign. Their objectives are very similar to those of the IGD.
To read another Global Envision article about Bono's activism, see Bono's Developing Business.



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