KATHMANDU, MARCH 2
The Millennium Challenge Corporation Compact Headquarters has acknowledged and appreciated ratification of the compact by Nepal's Federal Parliament.
In a recently issued statement, the MCC said that the ratification enables work to continue towards implementing the five-year program, which will create the conditions for a more reliable supply of electricity, lower transportation costs, and help create more jobs for the Nepali people.
"The Government of Nepal signed the MCC grant in 2017 after determining its goals to modernize Nepal's energy and transportation sectors with the hope of helping more than 23 million Nepalis, which is nearly 80 percent of the total population."
Lower House of the Federal Parliament, the House of Representatives had, on Sunday, ratified the $500 million grant including an interpretive declaration, which, it can be presumed, has received a green signal with MCC's acknowledgement.
Read More: MCC ratified by House of Representatives, at last
"The United States' relationship with Nepal is broader than one agreement, and we will continue to support the country, its democratic values, and its long-term economic prosperity," the statement further reads.
Earlier, the US Embassy in Nepal too had welcomed the parliament's move to pass the compact, paving way for its implementation.
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