The Millennium Challenge Corporation (MCC) Board of Directors has approved an additional funding of $50 million for the Millennium Challenge Account Nepal (MCA-Nepal).
With this, the total budget for the MCA-Nepal has reached $747 million, according to the MCC Board of Directors.
This proposal for additional funding for the MCA-Nepal will now be submitted to the Nepal government for approval.
“The additional funding reaffirms our mutual 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.
The MCC is an independent U.S. government development agency working to reduce global poverty through economic growth.
Established in 2004, MCC provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
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