Kathmandu, September 13
Nepal will sign an agreement with the United States government’ Millennium Challenge Corporation to receive a grant worth USD 500 million (equivalent to around Rs 50 billion) in next five years.
Nepal’s Finance Minister Gyanendra Bahadur Karki is currently in Washington to take part in the signing ceremony to be held in the Treaty Room of the US Department of State.
Deputy Secretary of State John Sullivan and MCC Acting CEO Jonathan Nash will sign the agreement on behalf of the US government and the MCC respectively.
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.
