MCC VP Cameron Alford to Touch Down in Kathmandu Today

Cameron Alford, Vice President of the Millennium Challenge Corporation (MCC) Compact Operations Department, is set to arrive in Kathmandu today to mark the occasion of MCC’s Entry Into Force (EIF) day on August 30, 2023. The EIF day signifies the official commencement of the MCC agreement’s implementation in Nepal.

The Board of Directors meeting of the Millennium Challenge Account Nepal (MCA-Nepal) has unanimously greenlit the execution of the MCC project starting August 30. During his visit, Vice President Alford will engage in discussions with key figures, including Finance Minister Dr. Prakash Sharan Mahat, and other high-ranking government officials.

Vice President Alford’s itinerary in Nepal includes meetings with Prime Minister Pushpa Kamal Dahal ‘Prachanda’ and representatives from major political parties. His return journey to the US will feature a stopover in Qatar on September 1.

The formal commencement of the MCC’s execution is planned for August 30 at the Ministry of Finance. The event will mark the initiation of a five-year operational period for the MCC in Nepal. The Ministry of Finance is preparing to announce the MCC’s implementation through an official ‘Letter of Exchange’ between Nepalese and US authorities.

As outlined in the MCC agreement, Nepal will receive a sum of 500 million US dollars (about 60 billion rupees) from the United States, with Nepal committing to invest 130 million dollars (approximately 17 billion rupees) in the project.

The MCC Compact’s memorandum of understanding (MoU) was signed between Nepal and the United States five years ago. Despite controversies, the project received approval from the Federal Parliament of Nepal 18 months ago, paving the way for its current implementation.

In related news, Alice Albright, Chief Executive Officer of the MCC, is scheduled to visit Nepal during the first week of October.