The government of Korea has agreed to provide grant assistance worth USD 10 million, approximately NRs 1.02 billion, for the integrated rural development of Nepal, according to a report in The Himalayan Times.
The duration of the project will be of five years from 2018 to 2023.The objective of the project is to contribute toward the integrated rural development of Nepal by strengthening research and development capacity of Kathmandu University and to promote technology innovation for improving the quality of life and income status of people in the rural communities of Nepal.
Finance Secretary Shankar Prasad Adhikari and the Ambassador of Korea to Nepal Park Young-sik signed the MoU at a programme organised at the Ministry of Finance on Tuesday.
The implementing agencies of the project are Korea International Corporation Agency (KOICA), Nepal and Kathmandu University, which is an autonomous and non-profit institution dedicated to maintain high standards of academic excellence.
On the occasion, Finance Secretary Adhikari, on behalf of Nepal government, expressed appreciation toward the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.