Third world countries Current Affairs
India and the United States has signed MoU (Memorandum of Understanding) to collaborate in the fields of developmental activities and aid in third world countries.
The MoU was signed between the Millennium Challenge Corporation (MCC) and Union Ministry of External Affairs’ Development Partnership Administration (DPA).
As per the MoU
- Both countries will collaborate on exchange of information and experience in sectors or issues pertaining to project development or implementation in partner countries.
- They will provide advisory or technical assistance to third countries regarding sector policy reform, project and sector management, project implementation and economic growth promotion strategies in relevant sectors.
- Officials of both countries will conduct site visits to cross-border or other relevant projects and capacity building of partner countries.
The MoU was signed by both countries based of their share a vision of reducing poverty globally through sustainable economic growth. Based on this vision, they intend to cooperate with goal of advancing their mutual interests to strengthen regional integration and connectivity, particularly in areas of energy, trade, and investment.
Millennium Challenge Corporation (MCC): It is a US agency for providing eligible countries with grants to fund country-led solutions for reducing poverty through sustainable economic growth.
Development Partnership Administration (DPA): Under the MEA, look after implementation of India’s development cooperation programmes with partner countries.