The Millennium Challenge Compact signed between the Ministry of Finance and Millennium Challenge Corporation (MCC) six years ago is to advance by setting the entry into force (EIF) for the full-scale implementation.
A meeting of the Board of Directors of Millennium Challenge Account Nepal Development Committee (MCA-Nepal) held on August 16 has set the time of August 30 for the EIF, the MCA Nepal informed the RSS.
The construction of power transmission line and road development projects should be completed within five years of the beginning of the EIF.
The MCA Nepal has said that some issues of land acquisition and distribution of compensation are left to do.
The Finance Ministry and MCC had signed the agreement on September 14, 2017 and the agreement was ratified from the parliament with interpretative declaration one and a half years ago.
There are total six preconditions to be met prior to EIF and all of them except the land acquisition have been completed, it is said.
For the power transmission project to be built under the MCA Nepal, a total of 1,471 hectares of land is required and some 20 hectares of land for the Ratmate substation to be developed in Nuwakot.
Likewise, the part of Nepal's financial liabilities has increased compared to the preliminary agreement.
Against the previous agreement of 130 million US Dollars, Nepal is to bear 197 million US Dollars. So, the cost of the MCC projects in Nepal rose to 697 million US Dollars from 630 million Dollars RSS.