Japan to provide grant, loan assistance of Rs. 16.2 billion

The Government of Japan has decided to extend grant assistance of up to two billion, two hundred and fifty-six million Japanese Yen (¥2,256,000,000), approximately NRs. 2.0 billion, for the implementation of the Project for the Improvement of the Rehabilitation of Irrigation System in Eastern Terai Area, and concessional loan assistance of up to the amount of fifteen billion, nine hundred and one million yen (¥15,901,000,000), approximately NRs. 14.2 billion, for the Urban Transmission and Distribution System Improvement Project to the Government of Nepal.

The Embassy of Japan and the Ministry of Finance signed agreement to this effect at the Ministry of Finance, read a statement issued by Embassy of Japan in Nepal.

Krishna Hari Pushkar, Secretary of the Ministry of Finance and KikutaYutaka, Ambassador of Japan to Nepal, signed notes related to the grant and loan assistance on Wednesday.

On the occasion of the signing of the notes, Ambassador Kikuta mentioned that both agriculture and energy are the important sectors for economic development of Nepal. He stated that “agriculture is the major industry in which a large number of Nepali people are engaged”. The development of agriculture is indispensable for the overall development of Nepal.

“Likewise, as Nepal’s hydropower generation capability has been improving, it is important to develop the transmission and distribution system to take full advantage of the progress,” Ambassador Kikuta said. “The year 2022 marks the 120th anniversary since the first eight Nepali students were dispatched to Japan for their studies. The two projects signed in this commemorative year symbolize the friendship between the two countries and will contribute to Nepal’s development.”

Source : TRN,