Nepal, Jan. 24 -- The Millennium Challenge Accounts-Nepal has said it is redesigning the bid document to reduce the cost of building transmission lines under the Millennium Challenge Corporation, after it was forced to cancel the bidding process due to high prices quoted by bidders.

In mid-October last year, the MCA-Nepal, the special purpose vehicle established to implement the MCC-funded projects, cancelled all the bids it received for the construction of a 315-km 400kV transmission line as the lowest bid itself turned out to be 66 percent higher than the estimated cost.

It marks a major setback for implementing the MCC Compact, whose entry into force (EIF) was launched on August 30 after overcoming the prolonged political quagmire ov...