June 3, 2011
Japan Approves the Utilization of the Counterpart Fund of KR 2
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The Government of Japan has, based on the request made by the Government of Nepal, recently approved the utilization of the Counterpart Fund of Six million Nepalese Rupees (NRs. 6,000,000) for the implementation of the following project.
Sericulture Development Program
The objectives ofabove mentioned program is to develop commercial sericulture in order to diversify and commercialize agriculture by increasing the production and productivity of silk cocoon. It has also the objective of developing and strengthening cooperatives and private entrepreneurs to establish income generating Seri enterprises/cottage industries at rural areas.
With this program it is expected that, it will help in the production of silk worm eggs, farm management and procurement and marketing of cocoons produced by the farmers. About one thousand households of the farmers will be benefited under the program.
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). The Government of Nepal has procured fertilizer through this assistance, and sold it to the domestic market to prevent acute shortage and unexpected price hike. The amount collected from selling of the fertilizer 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.
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