MCC authorizes an extra USD 50 million for Nepal
An extra $50 million for the Nepal Compact has been approved by the Millennium Challenge Corporation’s (MCC) Board of Directors. According to the MCC Board of Directors, the latest announcement demonstrates MCC and Nepal’s shared dedication to advancing Nepal’s development priorities via innovative, superior infrastructure projects.
In a press statement on January 2, Cameron Alford, MCC Vice President of Compact Operations, said, “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.”
The MCC is an independent U.S. government development agency that was founded in 2004 with the intention of lowering global poverty by promoting economic expansion. It provides time-limited grants that combine infrastructure investments with institutional and policy changes to nations that achieve stringent standards for good governance, fighting corruption, and defending democratic rights.
