KFAED extends credit of Rs 1.68bn to Nepal

KATHMANDU:

The Kuwait Fund for Arab Economic Development (KFAED) is extending loan assistance of five million Kuwaiti dinar (approximately Rs 1.68 billion) to Nepal to build irrigation projects here.

An agreement to this extent was signed by Chief of International Economic Cooperation Coordination Division at the Ministry of Finance (MoF), Madhu Kumar Marasini, and KFAED Deputy Director General Hamad S Al-Omar here today.

The fund made available by KFAED would be used to implement Irrigation Systems Improvement Project, an MoF statement says. Under the project, farmer-managed irrigation systems would be rehabilitated and extended in the central and eastern development regions of the country. These activities are expected to enhance agricultural productivity and improve livelihood of rural population, adds the statement.

The project will cover 35 districts in central and eastern parts of the country. The main components of the project are irrigation infrastructure improvement, comprising civil engineering works for rehabilitation and extension of existing

irrigation infrastructure in 50 farmer-managed irrigation systems. Also, around 250 km of irrigation canals, 20 weirs, 30 intake structures and around 2,000 small hydraulic structures would be built under the project, says the statement.

Source: THT