Nepal and Korea signed two separate agreements

The Ministry of Finance (MoF) on behalf of the Government of Nepal and the Embassy of the Republic of Korea on behalf of the Government of the Republic of Korea signed the Memorandum of Understanding (MoU) for 2 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” at the Ministry of Finance. For these two projects, the Government of Korea agrees to extend a total of US$ 16 million (approximately NRs 2.00 billion) US $ 8 million each as grant assistance to Nepal.

The MoUs to this effect were signed by Mr. Krishna Hari Pushkar, Finance Secretary and Chong-suk Park, Ambassador of the Republic of Korea 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.

The Korea Returnee migrant support project aims to contribute to the socio-economic development of Nepal and increase employment through stable reintegration of Korea returnee migrants and enhancement of their entrepreneurship capacity. The project will also create a virtuous cycle and support system for Korea returnee migrants in Nepal for their enhanced information accessibility, and increased access to financial support through Agriculture Development Bank Limited (ADBL).

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 of the Cyber Bureau, provide equipment related to cyber-crime investigation and digital forensic lab and capacity building of relevant human resources of Nepal Police.