The Millennium Challenge Corporation (MCC) Compact enters full-fledged implementation on Wednesday.
It was announced after the understanding that sufficient progress were made on preparation of the project activities to be implemented under the Millennium Challenge Nepal Account Development Committee (MCA-Nepal).
At a special programme organised at Finance Ministry on Wednesday, Finance Minister Dr Prakash Sharan Mahat and MCC Vice President of Compact Operations Cameron Alford exchanged the letter related to ‘Entry into Force’ (EIF).
On the occasion, Finance Minister Mahat said the electricity transmission line and road projects to be implemented under MCA-Nepal would play a significant role in overall infrastructure sector. “We have started implementing MCC from today. We had to face many ups and downs to arrive this milestone”, he mentioned.
The Finance Minister further viewed, “Nepal still need to do many works in infrastructure sector. Road projects under MCA-Nepal will it make easier to connect the citizens with production and promote enterprises. Similarly, transmission line will not only make transmission system easier inside Nepal but will also be significant in interstate power trade with India, as there is immense potential of hydropower in Nepal.”
Similarly, Finance Secretary and Chair of MCA-Nepal Board of Directors, Arjun Prasad Pokharel, stated that transmission project was significant for power trade of Nepal. He expressed commitment to complete activities related to land acquisition soon and effectively monitor the project implementation.
Likewise, Chief Executive Officer of MCA-Nepal, Khadga Bahadur Bista, viewed that preparation was underway to complete activities related to land acquisition and compensation by December.
Recalling the 75-year-old friendly relations between the two countries, US Ambassador to Nepal, Dean R Thompson, expressed belief that MCC-Nepal compact would enhance Nepal’s prosperity for long-term.
MCC Vice President of Compact Operations Cameron said EIF becomes a milestone in course of implementation of projects under MCC.
