Nepal Foreign Affairs (KATHMANDU, 15 Sep 2017) – Nepal Government has signed an agreement with the US government on Friday to secure a grant of $500 million (approximately Rs51.5 billion) at Washington DC, USA on Thursday.
The $500-million US grant support is part of the $630-million compact programme designed by the MCC for Nepal. Finance Minister Gyanendra Bahadur Karki on behalf of the Nepal government and Acting Chief Executive of Millennium Challenge Corporation (MCC), Jonathan Nash signed the MoU to this effect.
The Nepal Compact, MCC’s first compact in South Asia, aims to strengthen Nepal’s energy sector, improve regional energy connectivity, and control transportation costs to encourage growth and private investment.
To implement the programme, the Nepal government has expressed commitment to contribute $130 million, which is the single largest up-front country contribution in MCC’s history. The fund would be mobilised to invest for the integrated plans of roads improvements and energy generation in Nepal.
US government Deputy Secretary of State, John J Sullivan said that the US government is elated to have assisted Nepal adding that the assistance will pave a new way in the 70-years friendship between Nepal and the US.
“Today, as we sign this $500 million MCC compact with Nepal, we are celebrating a new chapter in the U.S.-Nepal partnership,” Acting MCC CEO Jonathan Nash said. “This compact is designed to spur economic growth and private investment, and open new markets to benefit the economy, regional security and the broader global community.”
“As we celebrate the 70th anniversary of U.S.-Nepal relations, I am grateful we can point to this MCC compact as a clear demonstration of our strong partnership,” Deputy Secretary of State John J. Sullivan said.
“This compact of $500 million, combined with the Government of Nepal’s commitment of $130 million, will surely create a lasting impact on Nepal’s sustainable development for generations to come,” Nepali Finance Minister Gyanendra Bahadur Karki said. The Government of Nepal’s commitment of an additional $130 million is the single largest up-front country contribution in MCC’s history.
All projects under the MCC’s compact programme must be completed exactly after five years of their implementation date. If not, the funds will go back to the US.
Nepal is the only country in the South Asian region to receive the Millennium Challenge Corporation of the US government.
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