Kathmandu, Oct 30,2014:Â The government of Nepal and the government of the Republic of Korea have signed a Framework Agreement for Grant(FAG) at the Ministry of Finance today.
The objective of the agreement is to specify terms and procedures of grant aid programmes of Korea to Nepal.
The framework agreement for grant aid was signed and exchanged by Mr Suman Prasad Sharma, secretary at the Ministry of Finance and Mr Choe Yong-Jin, ambassador of Korea to Nepal, on behalf of respective governments.
Secretary Sharma said that the government of Korea has been supporting in socio-economic development of Nepal and the agreement would be more beneficial for the purpose.
Similarly, Mr Choe said that the agreement was held to help the Nepal government for the poverty reduction and sustainable economic and social development.
The agreement was held on the occasion of forty years of Nepal-Korea diplomatic tie-up.
The Republic of Korea has been supporting in three priority sectors – health, vocational education and rural development – under the grant aid project for Nepal.