Kathmandu: Three major private sector organizations have urged parties to ratify the Millennium Challenge Corporation (MCC) agreement, a US aid project.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and the Nepal Chamber of Commerce (NCC) on Wednesday issued a joint press release demanding immediate implementation of the MCC agreement.
An agreement was reached between the Government of Nepal and the Millennium Challenge Corporation on September 14, 2017 to provide Rs 55 billion for the construction of power transmission lines and road infrastructure in Nepal. The agreement could not be implemented without the approval of the Parliament of Nepal.
The private sector claims that ratyfing the MCC will bring economic benefits to Nepal. “Timely completion of power transmission line and road maintenance projects of strategic importance to Nepal’s development will help boost high economic growth,” the statement said.
‘We urge the Government of Nepal, all political parties and stakeholders to immediately pass and implement it in the national interest as it is likely to be achieved.’
Due to the situation created by Covid 19, internal resources have shrunk and foreign aid has not increased as expected. Stating that foreign investment has declined by 49 percent in the first month of the current fiscal year.