US to continue USD 500 million aid project in Nepal
Kathmandu, Jul 28 (PTI) The US Government will continue the Millennium Challenge Corporation (MCC) project in Nepal despite the Trump administration's recent policy to discontinue development aid to some countries, the US Embassy said here on Monday.
'The US government review of foreign assistance has recommended to continue implementation of the Millennium Challenge Corporation (MCC) Nepal Compact, and we have notified the government of Nepal of this decision," said a press release issued by the US Embassy.
The US government, in a letter to the Nepalese Finance Ministry on July 24, informed of the continuation of MCC projects.
The USD 500 million MCC Compact project, along with the government of Nepal's additional USD 197 million contribution, supports prosperity and regional energy security by building electricity transmission infrastructure and improving the road network.
The projects forwarded under the MCC, as per the agreement with the Nepal government, were suspended after the executive order of the US President on January 20 this year.
However, it was reconsidered, thereby lifting the suspension on July 24, said the Finance Ministry sources. PTI SBP RD RD RD
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