KATHMANDU: The United States and Nepal are set to sign a ‘compact agreement’ to provide an additional US$698 million aid for the development of Nepal’s energy and physical infrastructures.
Nepal and the US are preparing to sign the deal after the board of Millennium Challenge Corporation (MCC), an independent US agency dedicated to fighting global poverty, decided to include Nepal in its aid programme for the next five years.
MCC said it selected Nepal as an eligible country for its programme last December as the country has made ‘significant progress in restoring peace and stability.’
“It might take one year to shape the agreement after which Nepal will start receiving grants from MCC,” MCC CEO Dana J Hyde told journalists on Thursday.
The average amount of financial aid extended to 25 countries where compact programmes are being implemented ranges between US$350 million and US$400 million.
The funds will be channeled through the government, private sector and civil society.
The MCC was established by the US Congress in 2004 and offers grants through compact and threshold programmes to countries committed to improving policy performance.
:: MCC CEO Dana J Hyde (right) in Kathmandu on Thursday.(BERNAMA)
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