Japan approves utilization of counterpart fund of KR (Nepalnews)
Japan has approved the utilization of the Counterpart Fund under the Food Aid (KR) of one hundred and six million, and four hundred thousand rupees for the implementation of the Project for the Transportation of Food Grains to Remote Area. According to a press communiqué issued by the Embassy of Japan, the project was approved in order to counter the existing food deficit problem in Nepal, particularly in the remote hilly and mountain districts, due to the low productivity of agriculture.
Under this project, Nepal Food Corporation (NFC) will deliver an additional 3,329 metric tons of rice to thirty remote hilly and mountain districts in addition to NFC’s annual program of delivering about 11,096 metric tons of rice.
The Counterpart Fund was established through the financial assistance extended by the Government of Japan under the Food Aid (KR).
The Government of Nepal has procured rice through this assistance and sold it in the domestic market. The amount collected from selling the rice was deposited as a Counterpart Fund.
The Fund can be utilized for implementing various social and economic development projects through consultation between the two Governments, states the release.
Source: Nepalnews
