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The implementation of the US-aided USD 500 million Millennium Challenge Corporation (MCC) programme officially started in Nepal on Wednesday, with the launch of the process for acquiring land for construction of a 400 kV transmission line.
Nepal and the US had signed a deal to implement the USD 500 million grant assistance to Kathmandu mainly for maintaining road quality and building cross-border transmission lines. China has been actively investing in Nepal in many infrastructure projects.
At an event organised at the Finance Ministry on Wednesday, Finance Minister Dr Prakash Sharan Mahat and MCC Vice President of Compact Operations Cameron Alford exchanged a letter related to the 'Entry into Force' (EIF), according to Foreign Ministry sources.
On the occasion, Finance Minister Mahat said the electricity transmission line and road projects to be implemented under MCA-Nepal would play an important role in the overall infrastructure sector of Nepal.
"We have started implementing MCC from August 30. We had to face many ups and downs to arrive at this milestone," the minister said.
"Nepal still needs to do a lot of work in the infrastructure sector. The road projects under the MCA-Nepal will make it easier to connect the citizens with production and promote enterprises, he said.
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Similarly, the transmission line will not only make the transmission system easier inside Nepal but will also be significant in inter-state power trade with India, he added.
CEO of MCA-Nepal Khadga Bahadur Bista said that preparation was underway to complete activities related to land acquisition and compensation by December.
US Ambassador to Nepal Dean R Thompson expressed hope that the MCC-Nepal compact would enhance Nepal's prosperity for the long term.
EIF becomes a milestone in the course of implementation of projects under MCC, said MCC Vice President of Compact Operations Cameron.
According to sources at the MCA Nepal office, the project must be completed within five years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
