KATHMANDU: Vice President of Millennium Challenge Corporation, Department of Compact Operations, Cameron Alford, arrived in Kathmandu, on Tuesday.
Cameron arrived here on the occasion of the MCC compact's entry into force (EIF) for full-scale implementation.
The US Embassy in Kathmandu said the US government was excited to know the progress of the MCC compact.
A meeting of the Board of Directors of Millennium Challenge Account Nepal (MCA-Nepal) Development Committee held on August 16 has set August 30 for the EIF, according to MCA-Nepal.
"We are committed to collaborating with MCA-Nepal to ensure the successful implementation of the compact. All concerned parties are working to attain the goals of the MCC compact on time," the embassy noted.
It has been prepared to implement $500 million MCC compact from today onward. The project related to energy and road infrastructure development is supposed to spur economic growth and reduce poverty in Nepal.
Noting that the MCC had received an explanatory declaration last year, the US embassy said they had accepted the explanatory note as part of the compact.
As per the agreement, August 30 marks the commencement of the implementation of the five-year project.
