Home Nepal government Nepal and United States sign $659 million development assistance agreement

Nepal and United States sign $659 million development assistance agreement

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Nepal and the United States signed a new $659 million “development goal” agreement on Thursday.

The grant [equivalent to Rs79.71 billion] for the next five-year period will support Nepal’s goal of becoming a middle-income country. Nepal plans to graduate from the least developed country category by December 2026.

This assistance agreement, through the U.S. Agency for International Development (USAID), outlines broad development areas of U.S.-Nepal cooperation and collaboration, according to a press release. published by the Ministry of Finance.

In partnership with the Nepalese government, civil society, and the private sector, U.S. assistance will advance Nepal’s sustainable development through strengthened democratic governance, business-driven economic growth, and increased resilience of the most vulnerable communities. exposed to natural disasters and climate change, the ministry said. . “The amount will be implemented seamlessly through cash and non-cash terms.”

According to the ministry, USAID will develop projects under this assistance agreement in collaboration with line ministries and implemented in accordance with government rules and regulations.

Ishwori Prasad Aryal, Joint Secretary and Head of the International Economic Cooperation Coordination Division at the Ministry of Finance, and Sepideh Keyvanshad, USAID/Nepal Mission Director, signed and exchanged the agreement on behalf of their respective governments.

Delivering a brief remark after the signing ceremony, Aryal said, “In 1951, after signing the Point Four program, the United States became the first bilateral donor to Nepal. This began a relationship of over 70 years of trust, mutual respect and commitment to the people of Nepal.

He added that Nepal has benefited greatly from the financial and technical assistance provided by the United States to help boost Nepal’s socio-economic development.

Keyvanshad said, “Today we add a new chapter to our longstanding partnership with the Government of Nepal and the people of Nepal. We look forward to continuing the U.S. government’s long-term commitment to supporting activities that strengthen Nepal’s democracy, governance, and economic growth throughout the country.

This year, Nepal and the United States celebrate 75 years of bilateral relations.