MCC launches feasibility studies of power projects
Kathmandu, September 26
The US Government’s Millennium Challenge Corporation (MCC) has announced the launch of feasibility studies of various power sector projects proposed by the Office of the Millennium Challenge Nepal (OMCN), a Nepal government office which coordinates development of the MCC programme.
Feasibility studies are the foundation of the MCC compact development process, and inform the size, scope and suitability of the overall programme that MCC will consider funding.
“MCC and the Nepal government worked together to prioritise critical infrastructure needs in the power and road transport sectors in Nepal, which were identified as key constraints to economic growth in a joint analysis,” said Himesh Dhungel, MCC country director for Nepal.
“The launch of the power project feasibility studies is a key milestone reached by the Nepal government and MCC, enabling them to move towards developing a five-year compact funding. With the full support of the Nepal government and other interested parties, the programme development should be completed in time for presentation to the MCC board of directors for approval in 2017.”
MCC and the Nepal government signed a $10 million compact development funding grant agreement in July in order to facilitate programme design and preparation, including project feasibility studies.
The MCC is an independent US government agency working to reduce global poverty through economic growth. Founded in 2004, MCC provides time-limited grants and assistance to selected developing countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights.