The US has approved a $500 million assistance to Nepal under its Millennium Challenge Corporation (MCC) Compact programme, the MCC board announced on Friday.
The MCC is an independent US aid agency created in 2004, which provides time-limited grants and assistance to poor countries based on standards for "good governance, from fighting corruption to respecting democratic rights", Xinhua reported.
According to a press release issued by the MCC on Thursday, Nepal is the first country to receive aid under the MCC compact programme in South Asia.
The latest development came two weeks after Nepal's cabinet endorsed the Ministry of Finance's proposal to accept the grant assistance from the US agency.
--IANS
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