Kathmandu, Jan 3: The Millennium Challenge Corporation (MCC) Board of Directors has approved $50 million of additional funding for the Nepal Compact.

According to the MCC Board of Directors, the latest announcement underscores the shared commitment between MCC and Nepal to advancing Nepal’s development priorities through transformative, high-quality infrastructure projects.

“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 in a press statement on January 2.

The MCC is an independent U.S. government development agency working to reduce global poverty through economic growth and was created in 2004. It 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.  (RSS)