KATHMANDU: Three major private sector organizations including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and the Nepal Chamber of Commerce (NCC) have urged the concerned parties to ratify the Millennium Challenge Corporation (MCC) considering the national interest it puts forward.

Issuing a joint press release on Wednesday, FNCCI, CNI and NCC demanded the immediate ratification of the Compact to make room for the implementation of the MCC agreement.

An agreement was reached between the Government of Nepal and the Millennium Challenge Corporation on September 14, 2017 to provide Rs. 55 billion for the construction of power transmission lines and road infrastructure in Nepal. The implementation of the agreement has not started as it has not been approved by the Parliament of Nepal.

The private sector claims that passing the MCC will bring economic benefits to Nepal.

“Timely completion of power transmission line and road maintenance projects of strategic importance to Nepal’s development will help boost high economic growth,” the leading private sector organizations said on their statement, adding, “We urge the Government of Nepal, all political parties and stakeholders to immediately pass and implement it in the national interest.”

Due to the situation created by COVID-19, internal resources have shrunk and foreign aid has not increased as expected. Stating that foreign investment has declined by 49 percent in the first month of the current fiscal year, the private sector said that US $ 500 million assistance is important for Nepal.

Stating that the project to be completed within five years of the start of MCC could be a model for good governance and development, the private sector said that they are confident of smooth implementation in Nepal as projects under MCC have been constructed in more than 30 countries in Europe, Asia, Latin America and Africa.

“We urge the Government of Nepal, all political parties in Parliament, civil society and stakeholders to implement the projects under the MCC as it will only benefit the country financially,” stated the document signed by FNCCI President Shekhar Golchha, CNI President Vishnu Agrawal and NCC President Rajendra Malla.