By TRN Online, Kathmandu, June 29: The United States has said that delaying ratification of Millennium Challenge Corporation (MCC) would delay the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.
"Accepting this grant is Nepal's choice but the availability of the funding is not open-ended," said the U.S. Embassy in Nepal by issuing a press statement today.
The Embassy said that tangible near-term steps in Nepal were necessary to ensure the continued viability of MCC.
The compact will build electric transmission infrastructure and perform road maintenance activities and directly benefit 23 million Nepalis, said the Embassy.
The Embassy also highlighted that MCC had successfully partnered with around 30 countries on 37 grant agreements of total $13 billion.
"MCC's transparency as a development partner is also recognized globally and the compact has once again been ranked as the top bilateral donor in the Aid Transparency Index," the Embassy said.
Stating that Nepal and the States shared a 73-year partnership working together in many sectors successfully and to the benefit of both countries, the Embassy said that Nepali-led projects funded by the MCC compact would support poverty reduction through economic growth.