America Updates Its Deal With Nepal, World Barely Notices
Published Date: 1/2/2025
Notice
Summary
The U.S. and Nepal are teaming up to boost Nepal’s electricity and road projects by adding $50 million to their existing $500 million deal. This extra cash helps cover rising costs caused by delays and global inflation, making sure the electricity transmission project stays on track. The amendment is set to be finalized in January 2025, powering up Nepal’s energy future and keeping roads in great shape.
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Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
MCC adds $50 million for Nepal power
The Millennium Challenge Corporation will provide up to $50,000,000 in additional funding to Nepal’s existing Compact, increasing total Program Funding to $525,977,559.41. The extra money is meant to cover higher costs for the Electricity Transmission Project caused by delays and global inflation so the project can move forward.
Funding enables transmission contracts
The Amendment says the extra funding will allow the accountable entity to sign contracts for the electricity transmission line work once re-procurement is complete, preserving contingency and helping maximize the remaining implementation period. The notice states procurement for the line was not initiated until September 2023, that initial bids were substantially higher and failed, and that the extra funds are needed to proceed with re-procurement and contracting.
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