KATHMANDU, March 2: The Millennium Challenge Corporation (MCC) has acknowledged Nepal’s federal parliament’s decision to ratify the US $500 million compact between MCC and the Government of Nepal on February 27.
Issuing a statement on Tuesday, the US foreign aid agency said that the decision to ratify the Nepal Compact has always rested with the Government of Nepal as a sovereign democratic nation. “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,” the statement read.
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.
This year marks the 75th year of diplomatic relations between Nepal and the United States. “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,” MCC said.