Each of the 16 countries included in the list of the contenders for getting US assistance from the Millenium Challenge Account fund displays the way the developing world should follow, US President George W. Bush stated at a reception in the White House on the occasion of the completion of the first stage of the Millenium Challenge Account Program. Armenian Ambassador to the US Arman Kirakosian participated in the measure as a representative of a country included in the list. Benin, Bolivia, Vanuatu, Ghana, Georgia, Honduras, Lesotho, Mali, Madagascar, Mozambique, Cape Verde, Senegal, Mongolia, Nicaragua and Sri Lanka are on the list. In his speech to the Ambassadors of those countries Bush specifically noted: "You have made bold steps for the independence and welfare of your countries." In his words, the Millenium Challenge account fund opens new prospects of cooperation for selected countries and provides their governments the opportunity to make investments to enhance the welfare of their peoples. It should be noted that one of the criteria for selection of the countries was the per capita income level being below $1,435.