KATHMANDU: Nepal and the UK have signed two grants agreements — Nepal in Business (NIB) programs, and implementation of Green Growth Nepal (GGN) programs on Tuesday.
Shreekrishna Nepal, Joint-Secretary of Ministry of Finance, on the behalf of the government of Nepal and Pippa Bird, Development Director at the British Embassy in Nepal, on the behalf of the British government, signed the agreement.
Present in the agreement signing ceremony were Minister for Finance, Dr Prakash Sharan Mahat, and visiting British Minister for Development of Africa, Andrew Mitchell, according to the Finance Ministry.
The agreement totaling over Pound Sterling 70 million (some Rs 11.70 billion) will be implemented for the period of seven years.
The grant for NIB program is expected to help unlock Nepal’s economic prosperity by generating and addressing income poverty in Nepal.
It will also support and finance small and medium sized enterprises (SMEs) to build organizations effectiveness through improved management and productivity to achieve business growth and create jobs.
Similarly, the grant for GGN programs will support the government of Nepal to increase green, resilient and inclusive growth by expanding investment in green industries and services, improving climate-resilient infrastructures and strengthening sustainable economic policy and facilitating economic opportunities across Nepal, the Ministry added.
Minister Mahat, on the occasion, highlighted the longstanding bilateral relationships between Nepal and the UK and extended his gratitude towards the British government for its support in meeting Nepal’s development priorities.
Mahat acknowledged, “The agreement is important for achieving Nepal’s goals of fostering economic growth, promoting sustainability and reducing poverty. The grant programs are also important for economic transformation, climate resilience, stronger social services and inclusion.”
He expressed his confidence that the implementation of NIB and GGN programs would contribute to improving the foreign direct investment and developing climate-friendly investment projects in Nepal.
Similarly, visiting British Minister Mitchell observed, “There are plenty of issues for cooperation and collaboration between Nepal and the UK in the areas of economic transformation, climate actions and resilience, stronger social serviced and promotion of inclusion among others.”
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