KATHMANDU: The Korea International Cooperation Agency (KOICA) and the Kathmandu University (KU) on Sunday signed a Record of Discussion for a new project on "Integrated Rural Development of Nepal".

The agreement was signed by KOICA Vice-President Sung Ho Choi and KU Vice-Chancellor Ram Kantha Makaju Shrestha at the KU Central Office in Dhulikhel of Kavre. 

The project focuses on strengthening the research and development capacity of the Nepali researchers at KU, according to a statement issued by KOICA Nepal office. 

The Korean agency will spend USD 10 million for the project in next eight years, the statement informed.

On the occasion, KOICA Vice-President expressed his hope that the project would bring positive socio-economic changes in lives of the people.

Similarly, Shrestha assured of his full commitment for the successful implementation of the project from the KU and the Government of Nepal.

The Korean government has been extending its supports to Nepal through KOICA in education, agriculture and health sectors since 1991.