Kathmandu: The Millennium Challenge Corporation (MCC) has acknowledged the parliamentary ratification of the $500 million compact between MCC and Nepal.
Ratification of the compact enables work to continue towards implementing the five-year program, which will create the conditions for a more reliable supply of electricity, lower transportation costs, and help create more jobs for the Nepali people, MCC Headquarters said in a statement.
Amid an obstruction by the main opposition CPN-UML, walkout by some of the leaders from the ruling alliance and dramatic changes in the tone by communist leaders, the Compact was passed by Parliament on Sunday.
“The Government of Nepal signed the MCC grant in 2017 after determining its goals to modernize Nepal’s energy and transportation sectors with the hope of helping more than 23 million Nepalis, which is nearly 80 percent of the total population,” reads the statement.
The United States’ relationship with Nepal is broader than one agreement, and we will continue to support the country, its democratic values, and its long-term economic prosperity, according to the statement.
The statement, however, is mum on the ‘interpretative declaration’ on MCC endorsed by the Parliament.