The American grant assistance Millennium Challenge Corporation (MCC) project has come into operation from today.
With the exchange of the letters of entry into force (EIF) between Finance Minister Dr Ram Sharan Mahat and the Vice President of MCC Compact Operations Department, Cameron Alford, at the Ministry of Finance, the MCC has officially entered the implementation stage.
Speaking at the EIF letters exchange program, Finance Minister Mahat said Nepali citizens will benefit from the construction of transmission lines and road up-gradation works under the MCC project.
Mahat expressed happiness saying that he got an opportunity to formally inaugurate the project related to transmission lines and road upgradation.
With this, the MCC compact project entered into the implementation phase. America will provide 500 million US dollars under this project and the Nepal government will add 130 million dollars to it in the course of implementation of this project.
According to the compact, the project has to be completed within five years from now.
If it is not complemented within the stipulated time frame, all the expenses have to be borne by the Nepal government.
