Korea provides $10 million grant assistance
KATHMANDU: The government of Korea, Korea International Cooperation Agency (KOICA), is extending a support worth US$10 million (approximately Rs 1.02 billion) grant assistance to the project for Integrated Rural Development of Nepal through Strengthening Research and Development Capacity of Kathmandu University (KU).
The objective of the project is to contribute for integrated rural development of Nepal by strengthening research and development capacity of KU and to promote technology innovation for improving quality of life and income status of people in rural communities in Nepal, according to a press note issued by KOICA.
Through the eight-year project, the KOICA aims at strengthening research and development capacity of the Kathmandu University to improve the living condition and quality of life of rural communities by strengthening their abilities through the application of various technologies and innovations,” the press note reads.
Finance Secretary Shankar Prasad Adhikari and Ambassador of Korea to Nepal Park Young-sik signed the MoU at a programme organised at the Ministry on Tuesday.
After the signing ceremony, Adhikari, on the behalf of the government, expressed appreciation to the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.
Kathmandu University (KU) is an autonomous and not-for-profit institution dedicated to maintaining high standards of academic excellence.
The implementing agencies of the project are KOICA, Nepal, and KU. The duration of the project will be from 2018-2023.