MCC approves additional 50 million US dollars for Nepal

KATHMANDU, JANUARY 3: The Millennium Challenge Corporation (MCC) Board of Directors has approved an additional $50 million in funding for the Nepal Compact. This decision underscores the strong commitment between MCC and Nepal to advance the country's development through transformative infrastructure projects.

"The additional funding reaffirms our shared dedication to ensuring the compact's success in strengthening Nepal's electricity grid and supporting long-term economic growth," said MCC Vice President of Compact Operations Cameron Alford in a press statement.

The MCC is an independent U.S. government agency established in 2004. It aims to reduce global poverty by promoting economic growth through time-limited grants. These grants are paired with policy and institutional reforms in countries that meet stringent standards for good governance, anti-corruption, and democratic rights.