Prime Minister Pushpa Kamal Dahal joined Millennium Challenge Corporation (MCC) CEO Alice P Albright to celebrate the launch of the MCC Nepal Compact in Kathmandu on Wednesday.

The event was hosted by MCA-Nepal to mark the launch of implementation for the MCC Nepal Compact, which is jointly funded by the Nepal government and MCC.

The five-year programme was launched on August 30, with an Entry into Force (EIF) letter exchange between Finance Minister Prakash Sharan Mahat and MCC Vice President of Compact Operations Cameron Alford.

The EIF is an important milestone for MCC compacts as it marks the fulfilment of necessary conditions and sufficient preparations to ensure the successful completion of compact projects within a five-year timeline, said a statement issued by MCA-Nepal. Currently, Albright is on a three-day official visit to Kathmandu where she told the media that she is confident the project will be completed within five years and is excited to see the support for the project from various sides.

Extending his congratulations and best wishes, Dahal said that MCC-funded projects have paved the way for new opportunities in areas of economic cooperation between Nepal and the US.

He also expressed his hopes of enhancing trade connectivity for Nepal throughout Asia, and that the effective implementation of the compact’s projects would contribute significantly to Nepal's economic development and poverty reduction. He further extended his thanks to the US government for continued cooperation and assistance, said the statement issued by the MCA-Nepal.

Finance Minister Mahat said that the MCC Nepal Compact’s projects will support Nepal’s growth and benefit the people of Nepal through better roads and more reliable electricity.

In her remarks, MCC CEO Albright said, “We worked with the Government of Nepal to set ambitious goals with this programme in order to achieve great things with the people of Nepal.”

She added, “We stand ready to be a steadfast partner and have full confidence in the leadership of the Government of Nepal and their implementing agency, MCA-Nepal. We are ready to face the inevitable challenges together and deliver a successful programme.”

US Ambassador to Nepal Dean R Thompson said that “the MCC-Nepal Compact is another in a long line of important US initiatives supporting economic growth for the Nepali people and marks yet another significant milestone in the 76-year-long friendship between Nepal and the United States.”

During her three-day visit, Albright met with key government officials and stakeholders in the implementation of the Compact, attended a tree-planting ceremony to emphasise the importance MCC places on environmental protection and climate preservation, and observed ongoing work with the Department of Roads in training engineers to use climate-smart, sustainable technology to create a safer transportation network that is easier to maintain and better for the environment.

Albright also met with women executives who shared with her their experiences, work and hopes for a more prosperous Nepal, reads the statement.

The government of Nepal and MCC signed the MCC Nepal Compact on 14 September 2017 for two projects, the Electricity Transmission Project and the Road Maintenance Project, which are expected to result in more reliable electricity and more cost-effective transportation in Nepal.