The post Nepal Submits US MCC Grant Agreement in Parliament Secretariat appeared first on Nepali Sansar.
]]>The grant agreement signed by Nepal and USA is a part of the Compact Program designed by Millennium Challenge Corporation (MCC) – an independent foreign aid agency of the US Government.
It was originally signed by then Nepal Finance Minister Gyanendra Bahadur Karki and MCC CEO Jonathan Nash in Washington DC on September 14, 2017.
The grant will be used to build energy and transport network in Nepal, helping the country draw more foreign and domestic investment.
The grant has to be approved by the Federal Parliament before being implemented.
As per the agreement, MCC will provide Nepal with USD 459.5 million as program funding and USD 40.5 million as compact CDF. The US grant will support two projects in Nepal:
Electricity and road infrastructure are the two main obstacles in the path of Nepal’s development.
Besides, the fund can also be used for financial management and procurement activities; administrative support expenses, such as rent and several other areas that go into implementing the agreement in accordance with MCC.
The MCC board of directors chose Nepal for the compact program because of the country’s efforts to establish rule of law and democratic institutions. Nepal’s strong performance on all MCC policy criteria was another factor why MCC chose the Himalayan nation for this special program.
The Nepal Government will also be investing USD 130 million for the specialized program.
The post Nepal Submits US MCC Grant Agreement in Parliament Secretariat appeared first on Nepali Sansar.
]]>The post Nepal All Set to Receive Its Biggest-ever Grant from US appeared first on Nepali Sansar.
]]>Nepal is all set to secure a major grant of USD 500 million (approximately Rs 51.5 billion) from the United States for its infrastructure development.
Both the countries are expected to sign an agreement in this regard on September 14, 2017.
This grant, for the construction of transmission lines and maintenance of road infrastructure in Nepal, is part of the USD 630 million worth programme designed by Millennium Challenge Corporation (MCC) for Nepal.
Towards implementation, the Government of Nepal has also announced its contribution of USD 130 million, the biggest contribution by any single largest up-front country in the history of MCC.
This financial support from US, is the biggest-ever grant Nepal is receiving from its single development partner country.
Using the fund, the Government of Nepal aims at extending its electricity transmission network by around 300 km and maintain roads spread across 300 km.
The Nepali Government also aims at strengthening its energy and transport infrastructure through this fund, to attract more domestic and foreign investment.
Nepal was selected for the MCC programme in December 2014, in recognition of its efforts to establish rule of law and democratic institutions and its strong performance on MCC’s policy scorecard. MCC is an independent US agency that works for control of global poverty through economic development.
All projects under the compact programme should be completed within five years from the date of implementation, in absence of which, US will take back its funds.
The post Nepal All Set to Receive Its Biggest-ever Grant from US appeared first on Nepali Sansar.
]]>The post US Grant for Restoration of Nepal Heritage Sites appeared first on Nepali Sansar.
]]>The US Embassy will be offering a financial assistance of USD 500,000 (Rs 50 million) for the restoration of Kaiser Mahal Palace and Char Narayan Temple at Patan Durbar Square.
According to the US Embassy’s official release on August 14, 2017, these two sites bagged the current year’s Ambassador Fund for Cultural Preservations (AFCP) in a global competition and the grants for their restoration (south wing of the palace and the temple) were awarded to Impact Foundation and the Kathmandu Valley Preservation Trust (KVPT).
“The project will stabilize, seismically strengthen and support urgent restoration work needed to repair the neo-classical Rana style building built in 1895,” informed the release.
While Impact Foundation is set to receive a sum of USD 400,000 for the palace project, KVPT will get USD 100,000 for the restoration of the historic temple built in the Malla era.
The US Embassy Charge d’Affairs Michael Gonzales expressed US’ commitment towards protecting Nepal’s unique cultural heritage.
“The restoration of buildings like Gaddi Baithak that began in September 2016 through US support and the Kaiser Library is key to preserving historically-significant neo-classical buildings damaged in the 2015 earthquakes,”says Michael.
Established by the US Congress and administered by the Department of State, AFCP has been supporting the preservation of cultural sites, cultural objects and forms of traditional cultural expression since 2001. So far, it has supported 22 projects in Nepal through the US Government grant of USD 3.4 million.
The post US Grant for Restoration of Nepal Heritage Sites appeared first on Nepali Sansar.
]]>