KATHMANDU, Feb 7: The Ministry of Finance (MoF) and the Embassy of Republic of Korea have signed a Memorandum of Understanding (MoU) for a project titled “Integrated Rural Development of Nepal through Strengthening Research and Development Capacity of Kathmandu University.” The MoU was signed by Finance Secretary Shankar Prasad Adhikari and South Korean envoy to Nepal, Park Young-sik at the ministry on Tuesday.
According to KOICA Nepal Office, the South Korean government will spend US$ 10 million for the project for eight years through KOICA Nepal, the international cooperation agency of the Korean government. Through this project, KOICA aims to strengthen the research and development capacity of Kathmandu University to improve the living condition and quality of life of rural communities by strengthening their abilities through the application of various technologies and innovations
Following the MoU signing ceremony, Ambassador Park Young-Sik described the project as the biggest technical cooperation of the Korean government to Nepal and hence showed his high hope for the positive impact of the project. Various representatives from Nepal government, Kathmandu University were present in the ceremony.
The Government of Republic of Korea has been supporting the Government of Nepal through KOICA in various areas including education, health, agriculture/rural development, ICT etc since 1991.