KATHMANDU: The United States (US) has said that delaying the ratification of the Millennium Challenge Corporation (MCC) Compact will benefit delay the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.

A statement issued by the US Embassy in Kathmandu Monday said the US is aware that Nepal’s Parliament has not yet ratified the MCC Compact.

“Ratification is the next step needed to proceed with the $500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019,” the statement said.

Stating that accepting the grant is Nepal’s choice, it added that the availability of the funding is not open-ended.

“Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the program,” the statement said.

The Government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact program.

This compact, the statement added, will build electric transmission infrastructure and perform road maintenance activities and directly benefit 23 million Nepalis.

The projects funded by the compact are priorities identified by Nepal during the nearly three years of project design to benefit the people of Nepal.

MCC is a committed partner having successfully partnered with nearly 30 countries worldwide on 37 grant agreements of several hundred million dollars, totaling $13 billion.

These grants have helped lift millions of people from poverty by catalyzing investment and economic growth and have supported partner countries’ sovereignty, it said.

Saying that every country eligible for a second grant has requested one, the statement said MCC’s transparency as a development partner is also recognized globally, and this year MCC was once again ranked as the top bilateral donor in the Aid Transparency Index.

The United States and Nepal share a 73-year partnership working together in many sectors successfully and to the benefit of both countries.

The Nepali-led projects funded by the MCC compact support poverty reduction through economic growth.