UK pledges NRS 7.1 billion to help Nepal combat Covid-19

The United Kingdom has announced a 45.8 million Sterling Pound (NRS 7.12 billion) support package for Nepal towards helping the country in the fight against Covid-19.

The support package was announced by the Ministry of Finance, and was pledged in a virtual meeting between Minister for Finance, Communication and Information Technology Dr. Yuba Raj Khatiwada and State Minister of Foreign and Commonwealth Office of the United Kingdom Lord Ahmad on Thursday.

The British Minister also expressed his government’s eagerness to help Nepal in improving investment climate as well as mitigating the impacts of climate change in Nepal as well as Sagarmatha Sambad and green development.

Dr. Khatiwada appreciated the UK for its continuous support toward Nepal’s socio-economic development. He also lauded the proposed cooperation by the former in health, social security and infrastructure sectors in Nepal during the difficult times of coronavirus pandemic.

The UK has been supporting Nepal in the areas like economic development, post-quake reconstruction, financial access, road infrastructure and investment.

The Finance Minister also updated Minister Ahmad about Nepal’s development priority, economic status and efforts in creating the investment-friendly environmen

“We are revising the threshold for the Foreign Direct Investment (FDI) and moving ahead to sign the Double Taxation Avoidance Agreement with the UK while the laws like Public Private Partnership Act and Investment Board Act were implemented to attract more investment,” he said to the British Minister.

Dr. Khatiwada also requested State Minister Ahmad to facilitate British investors who are interested to make an investment in Nepal. He urged the global community to be proactive in the conservation of biological diversity, promotion of green technology and renewable energy and save the world from the impact of climate change.

He pledged Nepal’s participation in the COP26 meeting that will be held in the UK in November next year.

Earlier, State Minister Ahmad had held a virtual meeting with
Minister for Foreign Affairs Pradeep Kumar Gyawali in which he expressed commitment of the UK for continued cooperation to Nepal.

The two ministers discussed about holding the next round of Nepal-UK Bilateral Consultation Mechanism (BCM) meeting virtually between the Ministry of Foreign Affairs and the Foreign and Commonwealth Office within the next few months.

While agreeing to work together on the common areas of climate action, they expressed their hope that the outcome to be produced at the Sagarmatha Sambaad next year, will help inform the wider deliberations of the COP26, said the MoFA in a statement.