WASHINGTON: The Millennium Challenge Corporation (MCC) has acknowledged the decision of Nepal’s Federal Parliament to ratify the $500 million compact between MCC and the Government of Nepal on February 27.

Issuing a press release on Wednesday, the MCC’s US office commented on the latest event of ratification of the compact on February 27 from the Federal Parliament of Nepal.

Stuck in the parliament for quite a long time, Nepal’s parliament ratified the compact on Sunday with an “interpretative declaration” to further clarify the purpose and intent of the grant.

MCC reminded that the decision to ratify the Nepal Compact has always rested with the Government of Nepal as a sovereign democratic nation and remarked that the ratification of the compact enables work to continue towards implementing the five-year program, which will create the conditions for a more reliable supply of electricity, lower transportation costs, and help create more jobs for the Nepali people.

“The Government of Nepal signed the MCC grant in 2017 after determining its goals to modernize Nepal’s energy and transportation sectors with the hope of helping more than 23 million Nepalis, which is nearly 80 percent of the total population,” the MCC release said.

It added that MCC and the American people have stood with Nepal through these changes and supported the country with development aid, disaster response and preparedness assistance, health and education programs, and more.

The statement also remarked that United States’ relationship with Nepal is broader than one agreement, and the US will continue to support the country, its democratic values, and its long-term economic prosperity.