KATHMANDU: The Board of Directors of Millennium Challenge Corporation (MCC) has contributed an additional $50 million to the Nepal Compact. Our money is intended to support outstanding projects that will further improve Nepal's economic growth and infrastructure development.
The solid relationship and mutual commitment between MCC and Nepal to advancing the nation's development priorities are reflected in this increased investment, the MCC emphasized. The contributions demonstrate both sides' commitment to making the compact a success, especially in bolstering Nepal's electrical system and promoting long-term economic growth, said Cameron Alford, MCC Vice President of Compact Operations.
The MCC is a separate U.S. government development organization that was founded in 2004. By encouraging economic growth and providing time-bound subsidies that combine infrastructure improvements with institutional and policy reforms, it aims to reduce poverty worldwide.
Countries must fulfill stringent requirements, such as exhibiting good governance, thwarting corruption, and upholding democratic values, in order to be eligible for MCC funds. Nepal's qualifying for this additional money demonstrates both its adherence to these regulations and its dedication to revolutionary progress.
One important effort to upgrade Nepal's infrastructure, especially in the area of energy, is the Nepal Compact, which is supported by the MCC. The additional money will ensure that the goals of economic resilience and sustainable development outlined in the compact are met.
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