European Union Provides 6 Million Euros

European Union Provides 6 Million Euros

July 14, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -3 July. 11- 2014 (Ashar 27, 2071)

European Union has provided 6 million Euros in assistance to Nepal Government to strengthen Nepal's competitiveness in the trade sector. A ceremony for the Financing Agreement of Support for Trade and Economic Capacity Building: Trade and Private Sector Development (TPSD) Project was held at the Ministry of Finance. Madhu Kumar Marasini, the Joint Secretary of Ministry of Finance, and Dirk Meganck, Director of the Asia and Central Asia Europe Aid Coorperation Office, signed the agreement. Madhu Kumar Marasini, Joint Secretary of Ministry of Finance, Toya Narayan Gywali, Joint Secretary of Ministry of Commerce and Supplies, officials from Government of Nepal, EU Ambassador Rensje Teerink, the new Head of Cooperation of the EU Delegation to Nepal, Andreas Roettger and other officials from the European Union were present at the signing ceremony.

The total cost of the project is 6,200,000 Euros, of which the European Union is expected to provide 6 million Euros. The remainder will be contributed in kind by the Government of Nepal. These funds will contribute to the Government of Nepal’s efforts at reducing poverty and stimulating trade-led economic growth.

The project has been divided into three major components- Trade Policy Development and Capacity Building, Quality Infrastructure Development (Technical Barriers to Trade/Sanitary and Phytosanitary Measures), and Value Chain Development, focusing on coffee. The operational phase of the project is fixed at 40 months.

Joint Secretary Marasini expressed sincere gratitude and recognition for the continuous support provided by European Union. Similarly, EU Ambassador to Nepal, Rensje Teerink shared her views on various areas of mutual cooperation including strengthening trade sector development of Nepal.

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