Kathmandu: The Millennium Challenge Corporation (MCC) Nepal Compact has entered into force from Wednesday paving the way for the projects under the Compact to be accomplished within the next five years. “Today marks the official start of the implementation of the Millennium Challenge Corporation (MCC) Nepal Compact,” announced the US embassy in Kathmandu. “We look forward to seeing how the new electricity transmission and road projects will lead to more jobs, improved roads, and greater access to reliable electricity in Nepal.”
“Advancing economic growth in Nepal has always been an important part of our 76 years of friendship, and with this, we are excited to reach yet another milestone,” the US embassy further stated.
MCC Vice President of Compact Operations Cameron Alford, who is in Nepal to mark the start of the MCC Nepal Compact, and Nepal’s Finance Minister Prakash Sharan Mahat exchanged the entry into force document in Kathmandu on Wednesday. According to the MCC Compact, the projects have to be accomplished within five years after the entry into force.