Private sector calls for endorsement of Millennium Challenge Corporation

Kathmandu: The private sector business associations have called for the endorsement of the Nepal-US Cooperation Project Millennium Challenge Corporation (MCC). In a joint statement issued on Wednesday, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and the Nepal Chamber of Commerce (NCC) demanded that the MCC be ratified by the parliament. "We urge the Government of Nepal, all political parties and stakeholders to immediately pass and implement the MCC in the national interest as adequate investment is needed to revive the economy in the aftermath of the COVID-19 epidemic and the MCC has the potential for long-term power export and technology transfer," the statement said. As per the agreement reached between the two countries, the construction of power transmission lines and road maintenance have not progressed yet, the statement said. The timely completion of power transmission lines and road maintenance projects, which are of strategic importance in Nepal's development, would help in high economic growth. "The provision that projects under MCC should be completed within five years of commencement can be a model for good governance and development. As MCC projects have been implemented in more than 30 countries in Europe, Asia, Latin America and Africa, the private sector is confident of smooth implementation in Nepal as well. We are clear that any infrastructure development, economic growth and job generation activity should not be affected, ” read the statement. Nepal sealed a deal with the MCC on September 14, 2021, to mobilise a $500 million grant for the development of the energy and road transport sector. The sectors are considered the major constraints for the economic growth of the country. MCC Vice President, Fatema Sumar, during her four-day stay in Nepal in September, held separate meetings with Prime Minister and Nepali Congress President Sher Bahadur Deuba, Minister for Finance Janardhan Sharma, Minister for Energy, Hydro Resources and Irrigation Pampha Bhushal among others and appealed to them to ratify the MCC Compact from the parliament soon. READ ALSO:

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