KATHMANDU, OCTOBER 4
Millennium Challenge Corporation (MCC) Chief Executive Alice P Albright joined Prime Minister Pushpa Kamal 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 of Nepal and MCC.
The five-year programme was launched on August 30, with an entry into force (EIF) letter exchange between Finance Minister Prakash Sharan Mahat and MCC Vice-President- Compact Operations Cameron Alford. EIF is an important milestone for MCC compacts as it marks the fulfilment of necessary conditions and sufficient preparations to ensure successful completion of compact projects within a five-year timeline.
Extending his congratulations and best wishes, PM Dahal 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.
He further extended his thanks to the US government for continued cooperation and assistance.
Finance Minister Mahat 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.
In her remarks, MCC CEO Albright said: "We worked with the Nepal government to set ambitious goals with this programme in order to achieve great things with the people of Nepal. We stand ready to be a steadfast partner and have full confidence in the leadership of the government of Nepal and their implementing agency, MCA-Nepal. We are ready to face the inevitable challenges together and deliver a successful programme."
US Ambassador Dean R Thompson added that 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.
During her three-day visit, MCC CEO 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 people of Nepal, MCC CEO Albright also met with women executives who shared with her their experiences, work, and hopes for a more prosperous Nepal, as per a statement.
The Nepal government and MCC signed the MCC Nepal Compact on September 14, 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.
A version of this article appears in the print on October 5, 2023, of The Himalayan Times
