This week, Millennium Challenge Corporation CEO Alice Albright visited Kathmandu, Nepal, to formally and ceremonially launch a $500 million development compact between Nepal and the United States.
More than 10 years in the making, the compact will invest in roads and reliable power for a country where 15.1% of the population lives off less than $1.90 per day and 28% of people lack access to consistent electricity.
Nepal was first selected to develop a threshold program in December 2011. According to an MCC spokesperson, following a consistently improved scorecard performance, the MCC board selected Nepal for a compact in December 2014. MCC and the government of Nepal signed the compact in September 2017.