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USA to Provide Rs 79.71 Billion Grant to Nepal for its Graduation to Middle-Income Country   

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USA to Provide Rs 79.71 Billion Grant to Nepal for its Graduation to Middle-Income Country   

May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country.    
Joint Secretary and Head of the International Economic Cooperation Coordination Division (IECCD) of the Ministry of Finance Ishwori Prasad Aryal and USAID Nepal’s Mission Director Sepideh Keyvanshad signed an agreement to this effect on behalf their respective governments at a programme organized at the ministry on Thursday (May 5).    
Termed as the new Development Objective Agreement, this assistance will span for five years.  The US government will partner with the Government of Nepal, civil society, and the private sector to implement projects under the grant assistance.
The US assistance is expected to advance Nepal's sustainable development through strengthening democratic governance, enterprise-driven economic growth and increased resilience for communities most at-risk to natural disasters and climate change.    
The amount of assistance will be recorded in the GoN Red Book and transparently implemented through both on and off treasury modalities. USAID will develop projects under this assistance in collaboration with line ministries and implement them in accordance with GoN rules and regulations.    
Delivering a short remark following the signing ceremony, Aryal expressed, "In 1951, after signing the Point Four Program, the United States became the first bilateral donor to Nepal. This started a 70 plus year relationship of trust, mutual respect, and commitment to the people of Nepal."    
He further added that Nepal has greatly benefited from the financial and technical assistance extended by the United States to help drive Nepal's socioeconomic development.
Similarly, Keyvanshad noted, "Today we add a new chapter to our long-standing partnership with the Government of Nepal and the Nepali people. We look forward to continuing the US government's long-term commitment to support activities that strengthen Nepal's democracy, governance, and economic growth across the country."    
This year, the United States government and the Government of Nepal are celebrating 75 years of bilateral relationship. The Government of Nepal expressed its sincere appreciation to the Government of the United States of America for its invariable support in socioeconomic development and advancements of human resources of Nepal. Both governments acknowledge the partnership has seen many successes and looked forward to continuing in the spirit of strong collaboration, the Ministry of Finance and the USAID said in a joint press release. -- RSS

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