July 26, 2017
U.S. Government’s Millennium Challenge Corporation (MCC) has announced plans for investing $500 million in Nepal for increasing the regional energy connectivity in South Asia and enhancing the business opportunities between the countries in the region.
The investment is also aimed at achieving an improvement in the power sector governance and the road maintenance regime in Nepal. It would finance the construction of high voltage power lines across a distance of 300 kilometers covering approximately one-third of Nepal’s length, three large substations and the Nepali portion of the second high voltage cross-border transmission line.
According to Fatema Z. Sumar, MCC Regional Deputy Vice President for Europe, APAC, and Latin America, the total investment in the project is likely to be $630 million with a contribution of $130 million from the Nepal government.