Kathmandu: The Millennium Challenge Corporation (MCC) Board of Directors has approved an additional $50 million in funding for the Nepal Compact, reinforcing the partnership between the U.S. development agency and Nepal in advancing the country’s infrastructure and economic growth.
MCC Vice President of Compact Operations, Cameron Alford, announced the decision in a press statement on January 2, highlighting that the additional funding underscores the shared commitment between MCC and Nepal. “The additional funding reaffirms our mutual dedication to ensuring the compact’s success in strengthening Nepal’s electricity grid and supporting long-term economic growth,” Alford stated.
The Nepal Compact, part of MCC’s broader mission to reduce global poverty through economic growth, focuses on transformative infrastructure projects aimed at improving Nepal’s energy sector, which is crucial for the country’s long-term development. The additional investment will further enhance efforts to modernize Nepal’s electricity grid and promote sustainable economic development.