Kathmandu. The governments of Nepal and the Republic of Korea today signed a grant agreement worth US$ 8 million (equivalent to Rs. 1.09 billion) for the Inclusive Rural Development Project in Bardiya district of Nepal.

Koica will be the implementing agency on behalf of the Republic of Korea and the Ministry of Federal Affairs and General Administration on behalf of the Government of Nepal and eight rural municipalities and municipalities of Bardiya district. The duration of the project has been fixed till December 31, 2029.

Finance Secretary at the Ministry of Finance Ghanashyam Upadhyay and Ambassador of the Republic of Korea to Nepal H.E. Park, Tai-young signed the agreement on behalf of the Government of Nepal and the Government of the Republic of Korea respectively.

The project aims to enhance the capacity of communities in Bardiya district by improving agricultural productivity, integrating value addition to upgrade the agricultural value chain, establishing effective market links and expanding eco-tourism initiatives. These efforts are expected to collectively strive to promote sustainable and resilient livelihoods and strengthen the local economy.

His Excellency Park Tai-young, Ambassador of the Republic of Korea to Nepal, said, “I would like to express my gratitude for the opportunity to support Nepal’s development priorities through the Inclusive Rural Development Project in Bardiya.

The Government of the Republic of Korea is always keen to support Nepal’s inclusive and sustainable development. I hope that this project reflects a people-centric approach aimed at creating long-term economic opportunities and environmental resilience. ’

Finance Secretary Ghanshyam Upadhyay said the project was in line with Nepal’s commitment to empower local governments and communities. “I am confident that this project will contribute to strengthening the capacity of communities, local governments and stakeholders in implementing locally initiated projects (LIPs).”

I hope that this project will play an important role in the success of the community-led initiative and will serve as a model. ’