February 23, 2010
 Japan Approves the Utilization of the Counterpart Fund of KR2
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The Government of Japan has, based on the request made by Government of Nepal, recently approved the utilization of the Counterpart Fund of Fifty million Nepalese Rupees (NRs. 50,000,000) for the implementation of the following one (1) project.
1. Cooperative Farming Based Small Irrigation Scheme, Small Irrigation Scheme and Transportation Subsidy of Seeds and Chemical Fertilizer.
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 in the domestic market to prevent acute shortage and unexpected price hike. The amount collected from selling 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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