KATHMANDU: The government of Korea has agreed to provide grant assistance for the integrated rural development of Nepal.

The grant amount toward the project equals USD 10 million, approximately NRs 1.02 billion.

The objective of the project is to contribute toward the integrated rural development of Nepal by strengthening research and development capacity of Kathmandu University and to promote technological innovation for improving the quality of life and income status of people in the rural communities of Nepal.

Finance Secretary Shankar Prasad Adhikari and the Ambassador of Korea to Nepal Park Young-sik signed the MoU at a programme organised at the Ministry of Finance today.

The implementing agencies of the project are Korea International Corporation Agency (KOICA) Nepal, and Kathmandu University, which is an autonomous and non-profit institution dedicated to maintain high standards of academic excellence.

The duration of the project will be of five years from 2018 to 2023.

On the occasion, Finance Secretary Adhikari, on behalf of Nepal government, expressed appreciation toward the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.