A delegation from the U. S. Government?s Millennium Challenge Corporation (MCC) is finalising plans for a $500 million investment with Nepal, which will increase regional energy connectivity in South Asia and provide upcoming business opportunities,
The MCC delegation led by Fatema Z Regional Deputy Vice President for Europe, Asia, the Pacific, and Latin America, visited Mumbai and New Delhi to announce upcoming business opportunities associated with the agency?s planned investments in Nepal in the energy and transportation sectors.
A delegation from the U.S. Government?s Millennium Challenge Corporation (MCC) is finalising plans for a $500 million investment with Nepal, which will increase regional energy connectivity in South Asia and provide upcoming business opportunities,
The MCC delegation led by Fatema Z. Sumar, Regional Deputy Vice President for Europe, Asia, the Pacific, and Latin America, visited Mumbai and New Delhi to announce upcoming business opportunities associated with the agency?s planned investments in Nepal in the energy and transportation sectors.
MCC?s project would further facilitate electricity trade with India.
"MCC will invest $500 million in grant funding and the Nepali government will contribute an additional $130 million, bringing the total investment amount to $630 million. The compact is expected to be signed in the fall of this year," said Fatema Z. Sumar, Regional Deputy Vice President for Europe, Asia, the Pacific, and Latin America.
MCC?s planned compact with Nepal would finance the Nepal portion of the second high voltage cross-border transmission line, the construction of 300 km of high voltage power lines-the equivalent of one-third of Nepal?s length-and the construction of three large substations.
MCC would also invest in improvements to power sector governance to promote private sector investments as well as a road maintenance regime in Nepal.
In preparation for the compact, the Nepal team is currently recruiting for a Procurement Agent and Fiscal Agent and, in the coming weeks and months, will be posting opportunities for a recruitment firm and a Technical Design, Supervision, and Environmental Management Service firm.
During this visit, Deputy Vice President Sumar met with government officials, including the Ministry of External Affairs and business organisations.
In January 2017, MCC and the MEA released a joint statement announcing their intent to share information and knowledge to promote economic growth and reduce global poverty. Through their collaboration, MCC and MEA seek to strengthen regional integration, particularly in the areas of energy, trade and investment.
"MCC is uniquely focused on private-sector led economic growth that reduces poverty. Through MCC?s investments, the agency seeks to help partner countries create a better environment for investment - and look for catalytic partners who will invest alongside the projects," U.S. Embassy in New Delhi said in a press release issued on Tuesday.
It further says, "MCC?s publicly available business forecast shows private sector opportunities across a number of countries and sectors. MCC currently has a global portfolio of active Compacts and Threshold Programs as well as those in development: Benin, Burkina Faso,Cabo Verde, Cote d?Ivoire, East Timor, El Salvador, Georgia, Ghana, Indonesia, Kosovo, Liberia, Malawi, Mongolia, Morocco, Niger, Zambia, Guatemala, Honduras, Senegal, Sierra Leone, Togo, and Tunisia".
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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