The government of China has agreed to provide a grant assistance of RMB 800 million (approximately Rs 12.83 billion) to Nepal under the economic and technical cooperation.
Finance Secretary Suman Sharma and Chinese Ambassador to Nepal Wu Chuntai signed the agreement in the presence of Finance Minister Ram Sharan Mahat in Kathmandu on Tuesday.
The northern neighbour has pledged the grant aid for marking the sixtieth years of cordial and friendly diplomatic relations between Nepal andChina .
The main objective of the assistance is to support Nepal’s economic development by implementing the mutually agreed development projects covering various sectors including infrastructure development. This cooperation will be utilised in the development programmes as agreed by both governments.
It will be implemented in continuous basis from the fiscal year 2015/016. The Sectoral ministries of the government of Nepal will be the implementing agency for the projects under this grant assistance.
Speaking at the ceremony, Finance Secretary Sharma said the two countries enjoy cordial and friendly diplomatic ties for long and that the grant was the highest grant assistance made byChina so far. He expressed sincere appreciation to the People’s Republic of China for this grant assistance and for its continuous support to the socio-economic development of Nepal.
On the occasion, Chinese Ambassador Wu said China wished to see Nepal moving towards political stability and lasting economic development and also expressed the confidence that the socio-economic, cultural, and diplomatic ties between the two countries would be strengthened in the days ahead. RSS