KATHMANDU: The Millennium Challenge Corporation’s (MCC) Board of Directors “received an update and discussed the progress to date” of the $500 million MCC-Nepal Compact.
The Board of Directors, at a meeting held on December 15 in Washington, made note of the commitment by the Government of Nepal to seek to ratify the compact in the near term, it said.
“As part of its annual discussion on country selection, MCC’s Board also reviewed the policy performance of eligible and previously selected countries and received an update on the status of the $500 million MCC-Nepal Compact,” it said.
Likewise, the quarterly meeting recently also selected Belize and Zambia as newly eligible to develop MCC compacts—the agency’s five-year grant program.
“I am excited to announce MCC’s new partnerships with Belize and Zambia,” said MCC’s Acting Chief Executive Officer Mahmoud Bah.
“These governments have demonstrated a clear commitment to democratic governance, investing in people, and pursuing economic freedom. We look forward to working together to develop programs that reduce poverty and enable sustainable and inclusive economic growth.”
Comment