Nepal and Korea signed Framework Agreement for Grant Aid

Nepal and Korea signed Framework Agreement for Grant Aid

Nov. 2, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -9 October. 18- 2014 (Kartik 01, 2071)

Nepal government and government of the Republic of Korea signed the Framework Agreement for Grant Aid On October 30. The Ambassador of the Republic of Korea Choe Yong-jin and the Secretary of the Ministry of Finance Suman Prasad Sharma signed on the agreement on behalf of respective government.

According to a press release, the agreement will become a legal foundation for the Korean grant aid to Nepal, which is a commitment of the Korean Government to promote the poverty reduction and the sustainable economic and social development of Nepal, as well as to strengthen the friendly relation between two countries.

Korea started its development cooperation to Nepal since 1976 and since then it has been continuously increasing its activities over decades. After the establishment of KOICA (Korea International Cooperation Agency) in 1991, KOICA has played as a key channel for development cooperation of the Korean Government. KOICA is currently working in 3 priority sectors as health, vocational education, and rural development. During 1991~2013 KOICA has spent US$ 72.36 million as grant aid for Nepal. 

In addition, this year, Embassy of the Republic of Korea is commemorating 40 years of diplomatic relation between Korea and Nepal, therefore this special occasion of signing of the Framework Agreement shall be one of the important milestone in strengthening the diplomatic ties between Korea and Nepal.

In 2010, Korea enlisted Nepal as one of its priority countries for development cooperation, which contributed in increased grant aid support for Nepal. Now with the signing of Framework Agreement it is expected that the existing cooperation will be further strengthen with the increased mutual trust and friendship between the two countries.

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