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By Steve King
Topic - Millennium Challenge Corp.
It was far from his most expensive initiative, but it may end up being one of his most significant: The Millennium Challenge Corp., which President George W. Bush set up to push foreign countries to better govern themselves, has set a new standard for foreign aid.
Stung by criticism that American taxpayers are footing the bill for China-owned companies to expand their influence overseas, a government development agency has said it will no longer award contracts to businesses owned by foreign governments.
A groundbreaking, 6-year-old initiative meant to reward developing countries with U.S. aid for good governance and efforts to institutionalize democracy is giving billions of dollars to nations upbraided by the State Department for corruption in government.
In April, the president of the poverty-stricken nation of Senegal unveiled what he boasts is the world's "highest statue" — a $24 million bronze artwork called "African Renaissance" that measures slightly taller than the Statue of Liberty.