South Korea to provide USD 16 million grant to Nepal for two projects

NL Today

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Kathmandu: Nepal and South Korea on Friday signed the Memorandum of Understanding (MoU) for two projects – Strengthening Stage-Wise Support System for the Stable Reintegration of Korea Returnee Migrants in Nepal and Establishment of Cyber Bureau with Capacity Building for Nepal Police. The MoU signing was held at the Ministry of Finance.

For these two projects, the Korean government has agreed to extend a total of USD 16 million with USD 8 million for each project as grant assistance to Nepal, the Ministry of Finance said.

The MoUs to this effect were signed by Krishna Hari Pushkar, Finance Secretary, and Chong-suk Park, South Korean Ambassador to Nepal. The projects will be implemented by Korea International Cooperation Agency (KOICA) in close collaboration and coordination with respective line ministries and other government agencies.

Korea Returnee migrant support project aims to contribute to the socio-economic development of Nepal and increase employment through stable reintegration of Korean returnee migrants and enhancement of their entrepreneurship capacity.

The project will also create a virtuous cycle and support system for Korean returnee migrants in Nepal for their enhanced information accessibility and increased access to financial support through Agricultural Development Bank Limited (ADBL), reads a release.

Similarly, the main objective of the Cyber Bureau project is to strengthen the anti-cyber-crime capabilities of Nepal Police wherein, the main component of the project is to construct a state-of-art building for the Cyber Bureau, provide equipment related to the cyber-crime investigation and digital forensic lab and capacity building of relevant human resources of Nepal Police.

Finance Secretary Pushkar, in his brief remark, expressed the importance of these two projects in equipping and capacitating the Cyber Bureau to control increasing cases of cyber-crime as well as reintegrating the returnee migrant workers from Korea to establish themselves in their society and to increase their employability in Nepal.

During the event, Ambassador Park expressed his concerns about the rate of cybercrimes that are massively increasing worldwide and in Nepal as well and he hoped that the Cyber Crime Control Project shall be an important support to strengthen the capacity of Nepal Police to control cybercrimes in Nepal.

Similarly, Park stated that through the Korea Returnee Migrants project a large number of Korean returnees can utilize their skills and establish enterprises, which can generate employment and contribute to the economic growth of the country.

The government of Nepal has expressed its sincere appreciation to the Korean government for this financial support as well as other support extended to Nepal.