Cuaderno Latinoamericano: The Millenium Challenge Corporation - From an article published by the Council on Hemishperic Affairs:

In 2000, the United Nations launched an effort to eradicate worldwide poverty by 2015, adopting eight objectives called the Millennium Development Goals. In 2004, President Bush, in attempting to address these goals, founded the Millennium Challenge Corporation, which is in charge of allocating grants to a list of carefully selected developing nations. However, after almost two years of operation, the MCC has accomplished surprisingly little. Founding CEO, Paul Applegarth, who suddenly announced his resignation on June 15, left the post on August 8, and only a temporary replacement, Charles O. Sethness, has so far been selected. Although Applegarth’s reasons for departing the position were to spend more time with his family, Andrew Balls, of the Financial Times, reported that his resignation “resulted from falling confidence within the Bush Administration that the flagship aid programme was fulfilling expectations.” The question now remains whether this new approach to development aid can live up to its lofty goals or if it will end up being just another Bush administration scheme to further its conservative policy objectives in Latin America as well as in other parts of the developing world.

Along with the just about every other promise made by the Bush Administration to support the dignity and welfare of the world's poorest, it's all nothing but empty puffery.