US to assist RS 50 billion to Nepal; MoU signing

<p><span style="line-height: 1.42857;">A Memorandum of Understanding (MoU) was signed in Washington today in regard to the US government's grant-assistance worth around Rs 50 billion to Nepal.&nbsp;</span><br></p><p>Finance Minister Gyanendra Bahadur Karki on behalf of the Nepal government and Deputy Secretary of State John J Sullivan from the US government signed on the MoU to this effect.&nbsp;</p><p>According to the MoU, a fund of around Rs 63 billion would be set up where Nepal government would contribute around Rs 13 billion and Rs 50 billion from the US government.&nbsp;</p><p>The fund would be mobilized to invest for the integrated plans of roads improvements and energy generation in Nepal.&nbsp;</p><p><br></p><p>Nepal is the only country in the South Asian region to receive the Millennium Challenge Corporation of the US government.&nbsp;</p><p>The MoU, also named as MCC Nepal Compact, is expected to lend substantial support to the reduction of poverty and construction of physical infrastructures in Nepal.</p>