January 22, 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 eight hundred and twenty-eight million, and fifty-one thousand Yen ( 828,051,000), equivalent to six million, nine hundred and fifty-four thousand US dollars (US$6,954,000), or about five hundred and forty million, seven hundred and seventeen thousand Nepalese Rupees (NRs.540,717,000), to His Majesty's Government of Nepal as the 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 for 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.
In Japan's Fiscal Year 2002, previously, the Government of Japan had already extended nine hundred and forty-seven million, three hundred and nineteen thousand Yen (947,319,000) to Nepal in two separate installments for debt relief. The Government of Japan has been extending such grant aid to Nepal for debt relief since 1978. Including the grant being extended today. The total grant under debt relief since 1978 that 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 to nineteen billion, three hundred and thirty-four million, one hundred and ninety-five thousand Yen (19,334,195,000).
Speaking on the occasion, H.E. Mr. Kaminaga reiterated the continued support of the Government of Japan to His Majesty's Government of Nepal in its development efforts, and how this Grant Aid for Debt Relief would certainly play a significant role in strengthening the existing friendship, cooperation and cordial relationship between the two nations.
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