KATHMANDU, Aug 30: Vice President of the U.S. Millennium Challenge Corporation Compact Operations Department, Cameron Alford arrived in Kathmandu on Tuesday evening for Nepal visit.
Vice-President Cameron arrived here on the occasion of MCC Entry into Force.
The Kathmandu-based U.S. Embassy said the U.S. government was excited to know the progress of the MCC compact.
IFC Vice President Lund arrives on a three-day visit to Nepal
It has been made possible through regular cooperation among wider stakeholders, governments in Nepal and political parties, the embassy sources said.
"We are committed to collaborate with MCA-Nepal to ensure successful implementation of the compact. All concerned parties are working to attain the goals of the MCC compact on time", the embassy noted.
Preparations were made to commence the implementation of $500 million MCC compact from today onward. The project related to energy and road infrastructure development is supposed to spur economic growth and reduce poverty in Nepal.
Noting that the MCC had received explanatory declaration last year, the U.S. embassy said they had accepted the explanatory note as part of the compact.
According to the agreement, August 30 marks the commencement of the implementation of the five-year project.
(RSS)
