MCC approves additional $50m for Nepal
KATHMANDU: Millennium Challenge Corporation (MCC) Board of Directors has sanctioned an additional $50 million for the Nepal Compact.
The MCC Board of Directors has announced that this latest funding underscores the collaborative commitment between MCC and Nepal to advance Nepal’s developmental goals through transformative, high-quality infrastructure projects.
Cameron Alford, Vice President of Compact Operations at the US MCC, stated in a press release on 2 January: "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.”
Founded in 2004, MCC is an independent US government development agency dedicated to reducing global poverty through economic growth. It provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet stringent criteria for good governance, combating corruption, and upholding democratic rights.
