Kathmandu, September 15
Nepal and the United States on Thursday signed an agreement about a grant worth USD 500 million (equivalent to around Rs 50 billion) that the States will provide to Nepal under its Millennium Challenge Corporation.
Nepal’s Minister for Finance Gyanendra Bahadur Karki and MCC Acting CEO Jonathan Nash signed the agreement in the Treaty Room of the US Department of State yesterday afternoon.
The Nepal government will contribute an additional USD 130 million to support the compact investment – the single largest up-front country contribution in MCC’s history.
The MCC selects countries for such grants through a competitive selection process among the best-governed poor countries.
Nepal plans to spend the grant in road improvement and transmission line extension.
