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U.S. to provide $500 million to Nepal for electricity and roads

Staff Writer |
The United States has approved a $500 million assistance to Nepal under its Millennium Challenge Corporation (MCC) Compact program, the MCC board announced.

The MCC is an independent U.S. aid agency created in 2004, which provides time-limited grants and assistance to poor countries based on standards for "good governance, from fighting corruption to respecting democratic rights."

According to the MCC, Nepal is the first country to receive aid under the MCC compact program in South Asia.

The latest development came two weeks after Nepal's cabinet endorsed the ministry of finance's proposal to accept the grant assistance from the U.S. agency.

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