Washington, D.C. – The Millennium Challenge Corporation (MCC) Board of Directors has approved an additional $50 million in funding for the Nepal Compact, bringing its total budget to $747 million.
This decision underscores the shared commitment of the MCC and the Government of Nepal to advance Nepal’s development priorities through transformative and high-quality infrastructure projects.
Cameron Alford, MCC’s Vice President of Compact Operations, emphasized the significance of this decision, stating, “This additional funding reaffirms our shared commitment to strengthening Nepal’s power grid and ensuring the Compact’s success in promoting long-term economic growth.”
The Nepal Compact focuses on infrastructure investments, particularly in the energy sector, to enhance the country’s economic growth. The additional funding is expected to bolster Nepal’s electricity grid, improving reliability and capacity while fostering an environment for sustainable development.
The Millennium Challenge Corporation, an independent U.S. government agency established in 2004, works to reduce global poverty through economic growth. It provides time-limited grants to countries that meet stringent standards in governance, anti-corruption, and respect for democratic rights.
Nepal’s Compact is a testament to MCC’s broader mission to invest in infrastructure and policy reforms, helping partner nations like Nepal achieve long-term economic stability and growth.
This recent decision by MCC’s Board further solidifies the partnership between the United States and Nepal, aiming to deliver tangible benefits through improved infrastructure and economic opportunities.
