Kathmandu, 30 Aug: ‘MCC Nepal Compact Programme’- a joint investment of the government of Nepal and Millennium Challenge Corporation (MCC)- has officially entered into its execution phase with a timeline of five years.
The ‘Entry into Force’ agreement was formalized today with the exchange of letters between the MCC and government of Nepal.
The implementation phase of the project for 315 km 400 KV transmission line and upgradation of part of East west Highway under the 500 million dollar MCC grant follows the ratification of the agreement between the two sides by parliament on February 27 last year.
Millennium Challenge Nepal Account Development Committee (MCA-Nepal) said Nepal has completed conditions of pre – requisites for the EIF agreement.
Finance Minister Dr Prakash Sharan Mahat and Cameron Alford, MCC Vice President of Compact Operations exchanged the letter related to ‘Entry into Force’ (EIF) at a programme held at the ministry of finance.
Alford, who had arrived in Kathmandu on Tuesday evening for the occasion, said EIF becomes a milestone in the course of implementation of projects under MCC.