MCC is a $500 million award in help to Nepal for infrastructure projects.
According to ET, MCC infrastructure projects include India-Nepal cross-border connectivity projects, such as highways and transmission line Agencies Sher Bahadur Deuba is a Sher Bahadur Deuba.Sanjay Poudyal, MCC's Deputy Country Director for Nepal, discusses the Nepal Compact, which aims to improve electricity supply and improve road maintenance in order to boost connectivity, drive growth, and build a solid framework for new investments.
Background
The Millennium Challenge Corporation (MCC) of the United States inked a $500 million agreement with the Nepalese government in September 2017. The compact intends to improve road quality, boost electricity availability and dependability, and ease cross-border electrical commerce between Nepal and India, all of which would assist to encourage investment, accelerate economic growth, and alleviate poverty.
Nepal is confronted with significant economic growth hurdles due to a lack of power and high transportation expenses for both commodities and people.
The MCC Nepal Compact is a new chapter in the US Nepal partnership, with the goal of increasing electricity supply and lowering transportation costs in Nepal.It will assist the Nepalese government in better delivering key services to its citizens, facilitating the flow of commodities around the country, and creating new opportunities for private investment, all in the name of ensuring Nepalese people's long-term development. Strengthening vital infrastructure will help the country's economy grow more steadily, while also promoting stability, regional security, and poverty reduction.The Government of Nepal has contributed an additional $130 million to support the compact, making it the largest up-front partner nation commitment in MCC history. This will allow the compact to have even more impact and benefits for the Nepali people.
Source: Internet
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