The Millennium Challenge Corporation (MCC) of the United States of America will grant non-refundable aid of USD 350 million to Mongolia under the Second Compact Agreement. The agreement was discussed during an official visit by the Mongolian Foreign Minister to the United States.

Mongolian Foreign Affairs Minister D.Tsogtbaatar met with the Acting CEO of the Millennium Challenge Corporation (MCC) Jonathan Nash and other officials to finalize the Second Compact Agreement.

The MMC funding will be spent on a project to increase the Ulaanbaatar water supply and the parties are ensuring preparation to establish the agreement during a bilateral high-level meeting. 

The first MCC compact was a five-year USD284.9 million agreement and six projects were implemented in 2008-2013, designed to increase economic growth and reduce poverty by investing in property rights, health, vocational education, energy and environment and transportation.