Finland to provide Rs 1.87bn grant for climate adaptation

KATHMANDU: Finland is set to provide grant assistance for the execution of Nepal's Local Climate Adaptation Programme.

An agreement concerning this financial aid was signed at an event hosted by the Ministry of Finance (MoF) in Singha Durbar, Kathmandu, on Tuesday.

The agreement was inked by Shreekrishna Nepal, Joint Secretary and Head of the International Economic Cooperation Coordination Division at the Ministry, and Riina-Riikka Heikka, the Finnish Ambassador to Nepal.

The Council of Ministers' meeting on May 20 resolved to accept the grant assistance. As per the agreement, Finland will contribute 13 million Euros, equivalent to Rs 1.87 billion, to Nepal.

This funding will facilitate the implementation of the climate adaptation programme across various local levels in the Karnali and Sudurpaschim provinces.

Prior to this, on July 22, 2023, the European Union and the MoF had signed a memorandum of understanding (MoU) in relation to the programme.

This agreement aligns with the 50th anniversary of the establishment of diplomatic relations between Nepal, Finland, and the EU.

The project under the Local Climate Adaptation Programme is slated for implementation in the upcoming fiscal year 2024/25.