Kathmandu: The Millennium Challenge Corporation (MCC) Board of Directors in Washington DC approved $50 million of additional funding for the Nepal Compact, MCC said on Thursday. This Board action underscores the shared commitment between MCC and the Government of Nepal to advancing Nepal’s development priorities through transformative, high-quality infrastructure projects, according to MCC.
“The additional funding reaffirms our mutual dedication to ensuring the compact’s success in strengthening Nepal’s electricity grid and supporting long-term economic growth,” said MCC Vice President of Compact Operations Cameron Alford.
The government of Nepal and the US signed the $ 500 million MCC Compact, which came into force on August 30, 2023, on September 14, 2017. Nepal contributes $ 197 million from its side for the projects to be implemented under Nepal Compact.
With additional $50 million funding by the MCC, the Nepal Compact budget amounts to total of $ 747 million.
The Millennium Challenge Corporation is an independent US government development agency working to reduce global poverty through economic growth.
Created in 2004, MCC provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
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