The delegation was led by Fatema Z Sumar, MCC’s Regional Deputy Vice President
A delegation from the US Government’s Millennium Challenge Corporation (MCC) visited Mumbai and New Delhi to announce upcoming business opportunities associated with the agency’s planned investment in Nepal in the energy and transportation sectors.
The delegation was led by Fatema Z Sumar, MCC’s Regional Deputy Vice President for Europe, Asia, the Pacific and Latin America and the project would further facilitate electricity trade with India, US Embassy India said in a press release.
“MCC is finalizing plans for a $500 million investment with Nepal, which will increase regional energy connectivity in South Asia and provide upcoming business opportunities,” Sumar said.
MCC will invest $500 million in grant funding and the Nepal government will contribute an additional $130 million, bringing the total investment amount to $630 million. The compact is expected to be signed in the fall of this year.
During the visit, Sumar met Indian government officials, including the Ministry of External Affairs, and business organizations. Earlier in January, MCC and MEA released a joint statement stating their intent to share information and knowledge to promote economic growth and reduce global poverty. MCC and MEA aim to strengthen regional integration, particularly in the areas of energy, trade, and investment.
Headquartered in Washington, DC, MCC is an independent agency established by the Congress in 2004. The agency is separate from the State Department and USAID. It is uniquely focused on private-sector led economic growth that reduces poverty and seeks to help partner countries create a better environment for investment.