MCC Nepal Compact program enters implementation stage

KATHMANDU, Aug 30: The Government of Nepal and the Millennium Challenge Corporation (MCC) have announced that the MCC Nepal Compact Program, which is going to be implemented jointly by the financial support of both, has entered the implementation phase.

The announcement was made after the agreement between the Government of Nepal and MCC that sufficient progress has been made in the preparatory phase of the MCC Nepal Compact.

Finance Minister Dr. Prakash Sharan Mahat and MCC's Vice President for compact operations Cameron Alford, exchanged letters regarding the entry into the implementation phase of MCC Nepal Compact in a special ceremony organized in the presence of the key stakeholders at the Ministry of Finance today. 

'Entry into implementation' is considered as an important milestone in the context of the MCC Compact as it points to the prerequisites and preparatory work that have been completed, to ensure the successful completion of the compact program within the five-year period.

On the occasion, Finance Minister Dr. Mahat said that he was overjoyed to be able to declare the inauguration of the formal implementation of the Road Maintainance Project that will invest in Nepal’s strategic road network and the Electricity Transmission Project declared as a project of National pride.

Finance Minister Dr. Mahat expressed his belief that the projects of the MCC Nepal Compact program to aid the economic development of Nepal will benefit the Nepali people through road upgrading and reliable electricity supply.

In the program, the American ambassador for Nepal Dean Thompson said that the United States and Nepal have a strong friendship of more than 75 years and that the MCC Nepal Compact is an exciting milestone in the friendship between the two nations. Expressing his beliefs that it will boost Nepal's prosperity for a long time and improve the Nepalese people's access to electricity and transportation, he added that he expects the compact to have a significant impact on the economic development of Nepal.