The United States will float its new foreign aid agency - Millennium Challenge Corporation, in May this year, offering conditional aid for 60 of the poorest countries.
Potential candidates will be announced in May, but future aid will be tied to good governance, economic freedom and anti-terrorism efforts.
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rnThe Millennium Challenge Account (MCA) will broadly, support projects encouraging sustained economic growth, necessary for achieving lasting poverty reduction. rn
rnldblquote The focus of the Millennium Challenge Account is economic development, growth and the expansion of living standards for the people in these countries dblquote , A US Embassy statement quoted Under Secretary of State Alan Larson as saying.rn
rnldblquote And we are focusing on those countries that have the best possible development policies, even though they are poor dblquote , Larson said.rn
rnThe US$ 1 bn approved for up to September 2004, will fund projects in mainly health care, education, agriculture and in