KATHMANDU, Oct 5: Prime Minister Pushpa Kamal Dahal joined Millennium Challenge Corporation (MCC) CEO Alice P Albright to attend a celebration hosted by MCA-Nepal on Wednesday to mark the launch of implementation for the MCC Nepal Compact, which is jointly funded by the Government of Nepal and the MCC. The five-year program was launched on August 30, 2023, with an Entry into Force (EIF) letter exchange between Finance Minister Dr Prakash Sharan Mahat and MCC Vice President- Compact Operations Cameron Alford.
EIF is an important milestone for MCC compacts as it marks the fulfillment of necessary conditions and sufficient preparations to ensure successful completion of compact projects within a five-year timeline. Extending his congratulations and best wishes, chief guest of the event, PM Dahal asserted that the Millennium Challenge Corporation (MCC) funded projects have paved the way for new opportunities in areas of economic cooperation between Nepal and the US, reads a press statement issued by MCA-Nepal.
According to the statement, PM Dahal 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.
MCC CEO Albright calls on PM Dahal
He further extended his thanks to the US Government for its continued cooperation and assistance. Finance Minister Dr Prakash Sharan 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 Government of Nepal to set ambitious goals with this program 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 program.”
Similarly, US Ambassador to Nepal 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.”
The statement added that MCC CEO Albright, during her three-day visit, met with key government officials and stakeholders involved in the implementation of the Compact, attended a tree-planting ceremony to emphasize 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 the 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.
The GoN 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.
