Washington, DC - Deputy Secretary of State John Sullivan and Millennium Challenge Corporation (MCC) Acting CEO Jonathan Nash will welcome Nepali Minister of Finance Gyanendra Bahadur Karki in the Treaty Room of the U.S. Department of State for the signing of a new $500 million MCC compact with Nepal on Thursday, September 14, 2017, at 12:30 p.m.
The ceremony will formalize MCC’s Nepal Compact, which will spur private investment and economic growth to reduce poverty, and support regional connectivity in South Asia. The compact is in recognition of the progress Nepal has made in establishing rule of law, advancing economic freedom, and investing in its people. The Nepali Government will contribute an additional $130 million to support the compact investment – the single largest up-front country contribution in MCC’s history.
Compacts are MCC’s largest grants, and country partners are chosen through a competitive selection process among the best-governed poor countries.