Kathmandu: Nepal and the United States on Thursday signed a $659 million development goal agreement that aims to support the Himalayan nation’s goal of becoming a middle-income country.
Nepal aims to graduate from the least developed country category by December 2026.
The grant for the next five years will support Nepal’s goal of becoming a middle-income country.
This assistance agreement, through the U.S. Agency for International Development (USAID), outlines broad areas of development for U.S.-Nepal cooperation and collaboration, according to a statement released by the United States Embassy here.
In partnership with the Nepalese government, civil society, and the private sector, U.S. assistance will advance Nepal’s sustainable development through strengthened democratic governance, business-driven economic growth, and increased resilience of the most vulnerable communities. exposed to natural disasters and climate change, the statement said.
The amount will be implemented transparently through cash and non-cash modalities, he said.
According to the release, USAID will develop projects under this assistance agreement in collaboration with government departments and implement them in accordance with government rules and regulations.
Ishwori Prasad Aryal, Joint Secretary and Head of the International Economic Cooperation Coordination Division at the Ministry of Finance, and Sepideh Keyvanshad, USAID/Nepal Mission Director, signed and exchanged the agreement on behalf of their respective governments.
He said Nepal has benefited greatly from the financial and technical assistance provided by the United States to help boost Nepal’s socio-economic development.
This year, Nepal and the United States celebrate 75 years of diplomatic relations.