MCC funded projects pave the way for new opportunities in areas of economic cooperation between Nepal and US: PM

Millennium Challenge Corporation (MCC) funded projects have paved the way for new opportunities in areas of economic cooperation between Nepal and the US, according to the Prime Minister. 

Extending his congratulations and best wishes, chief guest Prime Minister Pushpa Kamal Dahal 'Prachanda' asserted that MCC funded projects have paved the way for new opportunities in areas of economic cooperation between Nepal and the US. He also expressed his hopes of enhancing trade connectivity for Nepal throughout Asia, and that the effective implementation of the compact’s projects would contribute significantly to Nepal's economic development and poverty reduction.

MCC chief executive officer Alice P Albright joined Prime Minister Dahal at a celebration hosted by MCA-Nepal to mark the launch of implementation for the MCC Nepal Compact, which is jointly funded by the government and MCC.

The five-year programme was launched on August 30, 2023, with an Entry into Force (EIF) letter exchange between finance minister Dr Prakash Sharan Mahat and MCC vice president-Compact Operations Cameron Alford. EIF is an important milestone for MCC compacts as it marks the fulfillment of necessary conditions and sufficient preparations to ensure successful completion of compact projects within a five-year timeline.

Finance minister Dr Prakash Sharan Mahat, on the occasion, expressed his belief that the MCC Nepal Compact’s projects will support Nepal’s growth and benefit the people of Nepal through better roads and more reliable electricity.

"We worked with the Government of Nepal to set ambitious goals with this programme in order to achieve great things with the people of Nepal," MCC chief executive Albright said, adding that the US stands ready to be a steadfast partner and have full confidence in the leadership of the Nepal and their implementing agency, MCA-Nepal. "We are ready to face the inevitable challenges together and deliver a successful programme."

"The MCC-Nepal Compact is another in a long line of important US initiatives supporting economic growth for the Nepali people and marks yet another significant milestone in the 76-year long friendship between Nepal and the United States," US ambassador Dean R Thompson added, on the occasion.

During her three-day visit, MCC chief executive Albright met with key government officials and stakeholders in the implementation of the Compact, attended a tree-planting ceremony to emphasise the importance MCC places on environmental protection and climate preservation, and observed ongoing work with the Department of Roads in training engineers to use climate-smart, sustainable technology to create a safer transportation network that is easier to maintain and better for the environment.

Highlighting the Compact’s aim to foster inclusive economic growth for the people of Nepal, MCC chief executive Albright also met with women executives who shared with her their experiences, work, and hopes for a more prosperous Nepal.

The government and MCC signed the MCC Nepal Compact on 14 September 2017 for two projects, the Electricity Transmission Project and the Road Maintenance Project, which will result in more reliable electricity and more cost-effective transportation in Nepal.