MCC Vice President Cameron Alford arriving in Kathmandu today « Khabarhub
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MCC Vice President Cameron Alford arriving in Kathmandu today

29 August 2023  

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KATHMANDU: Cameron Alford, the Vice President of the Millennium Challenge Corporation (MCC) Compact Operations Department, is arriving in Kathmandu this evening on the occasion of MCC’s Entry Into Force (EIF) day, which falls on August 30, 2023.

This day marks the official commencement of the MCC agreement’s implementation in Nepal.

The Board of Directors meeting of the Millennium Challenge Account Nepal (MCA-Nepal), the entity responsible for overseeing MCC’s grant project in Nepal, has unanimously greenlit the project’s execution from August 30 onward.

As part of his Nepal visit, Vice President Alford is scheduled to engage in discussions with key figures, including Finance Minister Dr. Prakash Sharan Mahat, alongside other high-ranking government officials.

While in Nepal, Cameron’s itinerary includes a meeting with Prime Minister Pushpa Kamal Dahal ‘Prachanda’ as well as interactions with key figures from major political parties.

His return journey to the US will involve a stopover in Qatar on September 1.

The MCC’s execution will commence through a formal event scheduled at the Ministry of Finance on August 30, ministry sources said.

Preparations are underway at the Ministry of Finance to announce the MCC’s implementation through an official ‘Letter of Exchange’ between the authorities of Nepal and the United States.

This event will mark the initiation of the five-year period during which the MCC will be in operation.

Should the MCC project fail to be completed within the agreed timeframe, the entire cost will be shouldered by the Government of Nepal.

As outlined in the MCC agreement, Nepal is set to receive a sum of 500 million US dollars, equivalent to about 60 billion rupees, from the United States.

In return, Nepal has committed to invest 130 million dollars, approximately 17 billion rupees, into the MCC project.

The MCC Compact’s memorandum of understanding (MoU) was inked between Nepal and the United States five years ago.

Despite prolonged controversy, the project is now poised for implementation, following its approval by the Federal Parliament of Nepal 18 months ago.

Likewise, the Chief Executive Officer (CEO) of the MCC, Alice Albright, is set to embark on a visit to Nepal during the first week of October.

Publish Date : 29 August 2023 12:10 PM

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