Print Edition - 2017-07-22 | News
Nepal, US to seal $630m deal in September
Jul 22, 2017-
The government of Nepal will sign a $630-million investment agreement with the Millennium Challenge Corporation (MCC), an independent US government agency working to reduce global poverty through economic development, in September to build a robust energy and transport infrastructure in the country.Of the total investment, $500 million will come in the form of grant from the MCC while the remaining $130 million will be contributed by the Nepal government.
This is the biggest grant assistance being offered by the US government to Nepal and the single biggest
grant amount that the country is receiving from development partners operating in Nepal.
The investment will be used to address two binding constraints to economic growth: inadequate supply of electricity and the high cost of transportation, according to Fatema Z Sumar, MCC’s regional deputy vice president for Europe, Asia, the Pacific and Latin America.
“We hope the support will crowd in private investment and unlock potential for higher economic growth in Nepal,” Sumar, who is currently on a visit to Nepal to discuss final provisions of the proposed grant assistance, told journalists on Friday. (Details on Money I)
Published: 22-07-2017 08:14