Kathmandu, September 21:

Japan today approved utilisation of the counterpart fund of Rs 295 million for the implementation of nine ongoing projects.

“The counterpart fund was established through the financial assistance extended by the Government of Japan to increase agriculture production under KR2- the grant assistance for underprivileged farmers,” said a press release issued here today by the Embassy of Japan.

Nepal had procured fertiliser through this fund and sold it in the domestic market to prevent acute shortage and unexpected price hike and the amount collected by selling the fertiliser had been deposited as a counterpart fund, which now would be utilised for implementing various social and economic development projects through consultation between the two governments, the statement said.

According to the statement, the government of Japan has approved the funds for seven projects - Special Agriculture Production Programme, Agriculture Development Project-Janakpur, Sericulture Development Programme,

Small Scale and Co-operative Farming Based Small

Irrigation Transportation Subsidy (Seeds and Fertiliser), Fisheries Development Programme, Natural Water Fisheries Development Project and Agriculture Research Project.