Vice President of MCC compact operations dept arrives in Kathmandu ahead of agreement coming into force

Kathmandu [Nepal], August 29 (ANI):  Vice President of Millennium Challenge Corporation (MCC) Compact Operations Department Cameron Alford arrived in Kathmandu on Tuesday evening ahead of August 30 when the agreement comes into force.
The MCC’s Entry Into Force (EIF) day marks the official commencement of the MCC agreement’s implementation in Nepal.
“MCC Vice President of Compact Operations Cameron Alford will make a visit to Nepal to mark the start of the MCC Nepal Compact. The U.S. government is excited by the progress of the Nepal-led MCC Compact – made possible by continuous support from broader stakeholders, successive governments, and political parties over the duration of MCC’s work in Nepal. We are committed to partnering with MCA-Nepal to ensure the successful implementation of the Compact. Everyone involved is diligently working together to achieve the Compact’s goals on time,” the US Embassy said in a press note.
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 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. The MCC’s execution will commence through a formal event scheduled at the Ministry of Finance on August 30.
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. In case the MCC project fails 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 USD 500 million, equivalent to about 60 billion rupees, from the United States. In return, Nepal has committed to invest USD 130 million, 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. (ANI)