Kathmandu, 23 September: Nepal and the Republic of Korea today 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, Government of Korea agrees to extend a total of US$ 16 million (approximately NRs 2.00 billion) and US $ 8 million each 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, 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. Korea Returnee migrant support project aims to contribute to socio-economic development of Nepal and increase employment through stable reintegration of Korea returnee migrants and enhancement of their entrepreneurship capacity, as per the press statement issued by the Ministry of Finance. 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 Agricultural Development Bank Limited (ADBL).