The Millennium Challenge Corporation has endorsed the Nepal-US Cooperation Project, which was requested by private sector business organisations (MCC). In a joint statement made on Wednesday, several organisations, including the Federation of Nepalese Chambers of Commerce and Industry, the Confederation of Nepalese Industries, and the Nepal Chamber of Commerce, urged the Nepalese government to pass the MCC.
“We urge the Nepalese government, as well as all political parties and stakeholders, to pass and implement the MCC as soon as possible in the national interest,” the statement continued, “because adequate investment is required to revive the economy in the aftermath of the COVID-19 epidemic, and the MCC has the potential for long-term power export and technology transfer.”
The building of energy transmission lines and road maintenance, according to a joint statement, had not yet progressed in accordance with the bilateral agreement reached between the two countries. The timely completion of important energy transmission line and road maintenance projects, both of which are critical to Nepal’s development, is projected to contribute to the country’s rapid economic growth.
“The MCC’s requirement that projects be completed within five years of starting can be used as a model for good governance and development in underdeveloped countries. MCC projects have been successfully executed in more than 30 countries across Europe, Asia, Latin America, and Africa, and the private sector is confident that projects will be implemented easily in Nepal as well. Infrastructure development, economic growth, and job creation should not be jeopardised in any manner.” The proclamation is read aloud to the audience.