Japan approves counterpart fund to Nepal

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KATHMANDU, Sept 22 (XINHUA): Japan has approved utilisation of the counterpart fund of 295 million Nepali rupees (4.5 million US dollars) to Nepal for the implementation of nine ongoing projects, The Himalayan Times reported Saturday.
"The counterpart fund was established through the financial assistance extended by the government of Japan to increase agriculture production under KR2-the grant assistance for underprivileged farmers," said a press release issued here Friday by the Embassy of Japan.
According to the daily, Nepal had procured fertiliser through this fund and sold it in the domestic market to prevent acute shortage and unexpected price hike, and the amount collected by selling the fertiliser had been deposited as a counterpart fund, which now would be utilised for implementing various social and economic development projects through consultation between the two governments, the statement said.
According to the statement, the government of Japan has approved the funds for seven projects including agriculture production programmes and fisheries development project.