Kathmandu: Jonathan Brooks, the Deputy Vice President (VP) for Compact Operations at the Millennium Challenge Corporation (MCC), has landed in Nepal for a crucial visit this week.
His primary objective is to engage with officials from the Millennium Challenge Account Nepal and government leaders to expedite the implementation of the MCC Nepal Compact.
The Government of Nepal (GoN) and the Millennium Challenge Corporation (MCC) on August 30, officially launched the MCC Nepal Compact Program, a program jointly funded by the GoN and the US government.
The milestone follows an agreement between GoN and MCC that substantial progress on project preparation has been achieved.
Finance Minister Prakash Sharan Mahat and MCC Vice President (Compact Operations) Cameron Alford exchanged the letter on the Entry into Force (EIF) of the Nepal Compact. EIF is an important milestone for MCC Compact as it marks the fulfillment of necessary conditions and preparation to ensure successful completion of the Compact projects within a five-year timeline.
The GoN and MCC signed the MCC Nepal Compact on 14 September 2017 for two projects–the Electricity Transmission Project and the Road Maintenance Project, which are expected to increase the reliability of electricity supply and lower the cost of transportation in Nepal.
The program was co-funded by the US Government’s grant of USD 500 million and the GoN’s contribution of USD 197 million.
This visit underscores the ongoing commitment to bolster the enduring 77-year bilateral relationship between the United States and Nepal.
