Nepal, UK sign agreement to enforce programmes on business and green growth

KATHMANDU: Nepal and the UK on Tuesday signed two grant agreements — Nepal in Business (NIB) programmes, and the implementation of the Green Growth Nepal (GGN) programmes.

The agreement was signed by Shreekrishna Nepal, Joint-Secretary at the Ministry of Finance (MoF), on behalf of the government of Nepal, and Pippa Bird, Development Director at the British Embassy in Nepal, on behalf of the British government.

The signing ceremony was attended by the Minister for Finance Prakash Sharan Mahat, and the visiting British Minister for Development of Africa, Andrew Mitchell, as reported by the MoF.

The agreement, totalling over 70 million pounds sterling (over Rs 11.7 billion), will be implemented over a period of seven years. The NIB programme grant is expected to unlock economic prosperity in Nepal by addressing income poverty. It will also support and finance small and medium-sized enterprises (SMEs) to enhance organisational effectiveness through improved management and productivity, thereby fostering business growth and job creation.

In a similar vein, the GGN programme grant will aid the government of Nepal in promoting green, resilient, and inclusive growth. This will be achieved by expanding investment in green industries and services, improving climate-resilient infrastructures, and strengthening sustainable economic policy, thereby facilitating economic opportunities across Nepal, as added by the MoF.

In gracious presence of Honourable Finance minister Dr. Prakash Sharan Mahat and Honourable Andrew Mitchell, minister of Development and Africa, United Kingdom, Nepal and UK signed grant agreements totaling of £70 million for Nepal in Business and Green Growth Nepal Program.⁦ pic.twitter.com/grqraKpIGw

— MOF Nepal 🇳🇵 (@mofnepal) February 20, 2024

On this occasion, Minister Mahat highlighted the longstanding bilateral relationships between Nepal and the UK and expressed his gratitude towards the British government for its support in meeting Nepal’s development priorities.

“The agreement is important for achieving Nepal’s goals of fostering economic growth, promoting sustainability, and reducing poverty. The grant programmes are also significant for economic transformation, climate resilience, stronger social services, and inclusion,” acknowledged the finance minister. He expressed his confidence that the implementation of the NIB and GGN programmes would contribute to improving foreign direct investment and developing climate-friendly investment projects in Nepal.

Visiting British Minister Mitchell observed, “There are ample opportunities for cooperation and collaboration between Nepal and the UK in the areas of economic transformation, climate actions and resilience, stronger social services, and the promotion of inclusion, among others.”

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