Nepal and UK Forge Strategic Partnership with Business and Green Growth Initiatives

GP Chudal

Nepal and UK sign agreement to enforce programs on business and Green Growth

Published: Feb 22, 2024

Nepal and the UK have signed two grant agreements - the Nepal in Business (NIB) programs and the implementation of Green Growth Nepal (GGN) programs on Tuesday. Shreekrishna Nepal, Joint-Secretary of the Ministry of Finance, representing the Government of Nepal, and Pippa Bird, Development Director at the British Embassy in Nepal, representing the British government, signed the agreement. Present at the agreement signing ceremony were Minister for Finance, Dr. Prakash Sharan Mahat, and visiting British Minister for the Development of Africa, Andrew Mitchell, according to the Finance Ministry. The agreement, totaling over Pound Sterling 70 million (approximately Rs 11.70 billion), will be implemented over a period of seven years. The grant for the NIB program is expected to unlock Nepal's economic prosperity by generating and addressing income poverty, as well as supporting and financing small and medium-sized enterprises (SMEs) to enhance organizational effectiveness through improved management and productivity, thereby fostering business growth and job creation. Similarly, the grant for GGN programs will assist the Government of Nepal in promoting green, resilient, and inclusive growth by expanding investment in green industries and services, improving climate-resilient infrastructure, strengthening sustainable economic policies, and facilitating economic opportunities across Nepal, the Ministry added. Minister Mahat, at the event, emphasized the longstanding bilateral relationship between Nepal and the UK and expressed gratitude to the British government for its support in meeting Nepal's development priorities. Mahat noted, "The agreement is crucial for achieving Nepal's goals of fostering economic growth, promoting sustainability, and reducing poverty. The grant programs are also significant for economic transformation, climate resilience, stronger social services, and inclusion."He expressed confidence that the implementation of NIB and GGN programs would contribute to improving foreign direct investment and developing climate-friendly investment projects in Nepal. Similarly, visiting British Minister Mitchell observed, "There are plenty of issues for cooperation and collaboration between Nepal and the UK in the areas of economic transformation, climate actions, resilience, stronger social services, and promotion of inclusion, among others."

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