KATHMANDU: The European Union on Thursday announced that it just released Euro 6 million, equivalent to more than Rs 700 million, for the development of education sector in Nepal.

The EU Ambassador to Nepal, Rensje Teerink, has communicated the message on this regard to Finance Secretary Shanta Raj Subedi on February 13, the EU Delegation to Nepal informed in a press statement today.

"This payment by the EU is the last tranche of its current budget support totalling Euro 31.2 (equivalent to approximately NPR 3 billion 700 million)," the statement read, "The allocated fund has been disbursed as part of the EU’s efforts in making a continuous contribution to Nepal’s education sector."

"Ensuring access to quality education for all is a prerequisite for long-lasting development and Nepal has made good progress over the last years and will be built on further. The EU shares the vital importance Nepal attaches to education and it is therefore a focal area of our cooperation," the statement quoted Ambassador Teerink as saying.

The amount will be spent in the School sector Development Plan, a follow-up programme of the government's School Sector Reform Plan, according to the statement.

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"The EU's support to the SSDP will be to the tune of Euro 61.4 million (approximately NPR 7 billion 200 million). This will be done alongside the continued recovery efforts following the 2015 earthquakes and at the time when the country is gearing towards transition from a centralised to a federal form of governance," the statement further promised.