Nepal eligible for MCC fund
Kathmandu, Nov. 5: Nepal has passed 16 out of 20 indicators on U.S. Millennium Challenge Corporation’s Scorecard, and thus become eligible for receiving MCC fund.
The U.S. Government’s Millennium Challenge Corporation (MCC) released its fiscal year 2017 scorecards this week – a key component in the agency’s annual competitive selection process that determines which countries will receive MCC development funds.
“Overall, Nepal passed 16 out of 20 indicators, just like last year. However, this year it did not perform as well as comparable countries in the Government Effectiveness indicator, while it improved in the Regulatory Quality indicator. MCC’s Board of Directors will still need to re-select Nepal for potential funding based on its scorecard performance and relevant supplemental information, according to a news release issued by the US embassy in Nepal on Friday.
This year, of the 82 countries MCC created scorecards for, 33 countries passed while 49 did not pass. To pass, a country must perform above the average performance of countries in its developmental peer group.
On September 26, 2016 MCC announced the launch of feasibility studies of various power sector projects proposed by the Office of the Millennium Challenge Nepal (OMCN), a Government of Nepal office which coordinates development of the MCC programme. These feasibility studies will be completed in January 2017, along with the evaluation of proposed road transport and off-grid electricity projects. MCC plans to take the proposed investment programme to its Board for approval in 2017, read the release.
MCC partners only with select countries committed to basic principles like fighting corruption and respecting democratic rights – including the rights of women. MCC’s competitive selection process is a data-driven, transparent method for determining where the agency invests its development dollars.
To be considered for MCC funding, countries must first pass MCC’s scorecard – a collection of 20 independent, third-party indicators that measure a country’s policy performance in the areas of
economic freedom, investing in its people, and ruling justly.
The MCC is an independent U.S. Government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to select developing countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights.
Nepal is holding the fourth Summit of BIMSTEC next week. The regional body is expected to discuss various issues pertaining to connectivity, investment,...