March 12, 2003
 Japan Extends Grant Assistance for Debt Relief
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His Excellency Mr. Zenji Kaminaga, Ambassador of Japan to the Kingdom of Nepal, and Mr. Bhanu Prasad Acharya, Secretary of the Ministry of Finance, His Majesty's Government of Nepal, have signed and exchanged a set of Notes today on behalf of their respective Governments.
Under the Notes, the Government of Japan is extending grant assistance of one hundred and fourteen million, three hundred and thirty thousand Yen ( 114,330,000), equivalent to nine hundred and seventy-six thousand US dollars (US$976,000), or about seventy-five million, nine hundred and fifteen thousand Nepalese Rupees (NRs.75,915,000), to His Majesty's Government of Nepal as Grant Aid for Debt Relief in Japan's Fiscal Year - JFY 2002.
The Government of Japan has been extending Grant Aid for Debt Relief to the Kingdom of Nepal with the basic objective of assisting His Majesty's Government of Nepal in procuring commodities such as construction materials, fertilizer, petroleum products, medicines, transportation related equipment and other materials which are essential for carrying out development activities in the Kingdom of Nepal.
The Government of Japan has been extending such grant aid to Nepal for debt relief since 1978. In Japan's Fiscal Year 2002, the Government of Japan had already extended one billion, seven hundred and seventy five million, three hundred and seventy thousand Yen (1,775,370,000) to Nepal in three separate installments for debt relief. Including the grant being extended today, the total grant under debt relief in JFY 2002 which has been extended to His Majesty's Government of Nepal for assistance in the ongoing development efforts, and to uplift people's lives, has risen up to one billion, eight hundred and eighty-nine million, and seven hundred thousand Yen ( 1,889,700,000).
Speaking on the occasion, H.E. Mr. Kaminaga expressed his sincere belief that the continued support of the Government of Japan to His Majesty's Government of Nepal in its development efforts would certainly play a significant role in strengthening the existing friendship, cooperation and cordial relationship between the two nations.
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