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KATHMANDU, Aug. 19 (Xinhua) -- The United States has approved a 500-million-U.S. dollar assistance to Nepal under its Millennium Challenge Corporation (MCC) Compact program, the MCC board announced on Friday.
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 a press release issued by the MCC dated on Thursday, 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.
