Kathmandu: The Millennium Challenge Corporation (MCC) Board has approved an additional $50 million USD in funding for the MCC Nepal Compact, bringing the total budget to $747 million USD. This decision highlights the shared commitment of MCC and the Government of Nepal to advancing transformative infrastructure projects that align with Nepal’s development priorities.
MCC’s Vice President for Compact Operations, Cameron Alford, stated, “This additional funding reaffirms our joint dedication to strengthening Nepal’s electricity grid and promoting long-term economic growth.”
The MCC is an independent US government development agency established in 2004. It provides time-bound grants to countries that meet strict governance, anti-corruption, and democratic rights standards. The additional funding for Nepal’s Compact will support critical infrastructure and policy reforms aimed at sustainable economic progress.
The proposed amendment will now be sent to the Government of Nepal for approval. Once finalized, this initiative will further enhance Nepal’s energy sector, improve connectivity, and foster economic opportunities for Nepali citizens.
