FNCCI welcomes endorsement of MCC by Parliament

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the endorsement of the agreement — half-billion-dollar aid grant from the United States — between the Government of Nepal and Millennium Challenge Corporation (MCC). The FNCCI is confident that all the misconceptions about the agreement will be shattered now as the agreement has been approved by the House of Representatives (HoR) along with descriptive notes in some of the issues. As per the agreement reached between the Government of Nepal and the MCC, on September 14, 2017, the construction of power transmission lines and road maintenance were to be started after the Federal Parliament approved the agreement. The organisation of the private sector is confident that the project will be fully implemented now. [gallery columns="1" link="file" size="full" ids="20147"] Issuing a press statement today, FNCCI said, "We believe that timely completion of power transmission line and road maintenance projects, which are of strategic importance in the development of Nepal, will contribute to higher economic growth." Due to the situation created by Covid 19 pandemic, internal resources have shrunk and foreign aid has not increased as expected. The implementation of the agreement will help in the revival of the economy after the pandemic and will also open the door for long-term export of electricity and transfer of technology, the statement read. The provision that projects under MCC should be completed within five years of its commencement can also be a model for development and good governance. The Millennium Challenge Account (MCA), set up to implement the agreement, has to act swiftly to reap the benefits. For this, all the stakeholders need to be careful. As projects under MCC have been constructed in more than 36 countries, the private sector is confident of its smooth implementation in Nepal as well. FNCCI is clear that any activity of infrastructure development, economic growth and job creation should not be affected under any pretext, the statement said. FNCCI has further hoped that the endorsement of the agreement will send a message to the international community that there is an investment-friendly environment in Nepal that could attract more foreign investment and assistance in future. READ ALSO:

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