KATHMANDU: The Millennium Challenge Account Nepal (MCA-Nepal) has said that the Entry Into Force (EIF) date of the Millennium Challenge Corporation (MCC) Compact is reassessed.

“Progress has been hampered due to delays in parliamentary ratification of the Compact and the global pandemic due to COVID-19. Consequently, the previously targeted date of 30 June 2020 for taking the program on implementation i.e. the Entry Into Force (EIF) is no longer achievable,” MCA-Nepal stated.

MCA-Nepal said it was working with all relevant authorities to complete remaining Conditions Precedent (CPs), including parliamentary ratification of the Compact as soon as possible, to enter into force and begin implementation.

MCA-Nepal added it remains committed to the Nepal Compact and will share additional information as it develops.

It should be noted that the compact of $500 million US grant investment matched by $130 million from the government of Nepal will benefit 23 million Nepalis, nearly 80 percent of the population.

As per the plan, $500 million will go to the Energy Sector and $130 million to the roads sector.