KATHMANDU, FEBRUARY 21: Nepal and the UK have signed two separate grant agreements related to business and green growth. They did so during a special function held at the Ministry of Finance yesterday.
The grant agreements on the Nepal in Business (NIB) program and the Green Growth Nepal (GGN) program—a part of the new UK Development Portfolio—aim to help Nepal tackle the climate crisis, mobilize international finance for development, deliver economic transformation, and support governance and inclusion.
Joint Secretary of the Ministry of Finance Shreekrishna Nepal, on behalf of the Government of Nepal and Kathmandu-based British Embassy’s Development Director Pippa Bird, on behalf of the British government, signed the agreements.
Minister for Finance, Dr Prakash Sharan Mahat, and visiting British Minister for Development of Africa, Andrew Mitchell, were present during the signing ceremony, according to the Finance Ministry.
As per the agreement on NIB, the government will implement the programmes worth over Pound Sterling 70 million (Rs 11.70 billion approx) for a period of seven years. 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 programme 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 programmes are also important for economic transformation, climate resilience, stronger social services and inclusion.”
He expressed his confidence that the implementation of NIB and GGN programmes would contribute to improving the foreign direct investment and developing climate-friendly investment projects in Nepal.
Similarly, visiting British Minister Mitchell said, “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 service and promotion of inclusion among others.”
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