Tuesday Dec 5, 2023
Tuesday Dec 5, 2023

Private sector says MCC is important for Nepal's economic development

2021 Oct 06, 16:26, Kathmandu

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Chamber of Commerce (NCC) have issued a joint statement regarding the implementation of Millennium Challenge Corporation (MCC).

In the statement, the three organizations said that timely completion of power transmission lines and road maintenance projects of strategic importance in Nepal's development would help in high economic growth. Organizations have called for the implementation of the MCC, saying that substantial investment is needed to revive the economy in the wake of the COVID-19 pandemic and that the MCC has the potential to generate electricity and technology transfer in the long run.

The joint statement said, "Internal resources have shrunk due to the situation created by COVID-19 and foreign aid has not increased as much as expected. Foreign investment has also declined by 49 percent in the first month of the current fiscal year. In this situation, 500 million dollar assistance is important for Nepal. "

All of the three unions say that the weak road infrastructure is increasing the industrial and commercial costs of Nepal due to the lack of transmission lines.

In the press release, it has been stated that the project under MCC, can be a model for development and good governance. As projects under MCC have been constructed in more than 30 countries in Europe, Asia, Latin America, and Africa, the private sector is confident of smooth implementation in Nepal as well.

The statement was signed by Shekhar Golchha, president of the Federation of Nepalese Industries, Bishnukumar Agrawal, president of the Confederation of Nepalese Industries, and Rajendra Malla, president of the Nepal Chamber of Commerce.


Federation of Nepalese Chambers of Commerce Confederation of Nepalese Industries Nepal Chamber of Commerce Millennium Challenge Corporation covid-19 Shekhar Golchha Rajendra Malla
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