KATHMANDU: Millennium Challenge Corporation CEO Alice P. Albright joined Prime Minister (PM) Pushpa Kamal Dahal at a celebration hosted by MCA-Nepal to mark the launch of implementation for the MCC Nepal Compact
The five-year program was launched on August 30, 2023, with an Entry into Force (EIF) letter exchange between Finance Minister Dr. Prakash Sharan Mahat and MCC Vice President-Compact Operations Cameron Alford.
EIF is an important milestone for MCC compacts as it marks the fulfillment of necessary conditions and sufficient preparations to ensure the successful completion of compact projects within a five-year timeline.
Extending his congratulations and best wishes,.PM Dahal asserted that MCC-funded projects have paved the way for new opportunities in areas of economic cooperation between Nepal and the U.S.
He also expressed his hopes of enhancing trade connectivity for Nepal throughout Asia, and that the effective implementation of the compact’s projects would contribute significantly to Nepal’s economic development and poverty reduction.
He extended his thanks to the U.S. Government for continued cooperation and assistance.
Finance Minister Dr. Prakash Sharan Mahat expressed his belief that the MCC Nepal Compact’s projects will support Nepal’s growth and benefit the people of Nepal through better roads and more reliable electricity.
MCC CEO Albright said: “We worked with the Government of Nepal to set ambitious goals with this program in order to achieve great things with the people of Nepal.”
She added, “We stand ready to be a steadfast partner and have full confidence in the leadership of the Government of Nepal and their implementing agency, MCA-Nepal. We are ready to face the inevitable challenges together and deliver a successful program.”
U.S. Ambassador Dean R. Thompson added that “the MCC-Nepal Compact is another in a long line of important U.S. initiatives supporting economic growth for the Nepali people and marks yet another significant milestone in the 76-year long friendship between Nepal and the United States.”
During her three-day visit, MCC CEO Albright met with key government officials and stakeholders in the implementation of the Compact, attended a tree-planting ceremony to emphasize the importance MCC places on environmental protection and climate preservation.
Highlighting the Compact’s aim to foster inclusive economic growth for the people of Nepal, MCC CEO Albright also met with women executives who shared with her their experiences, work, and hopes for a more prosperous Nepal.
The Government of Nepal and MCC signed the MCC Nepal Compact on 14 September 2017 for two projects, the Electricity Transmission Project and the Road Maintenance Project, which will result in more reliable electricity and more cost-effective transportation in Nepal.
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