Rome, January 03, 2016: The UN’s International Fund for Agricultural Development (IFAD) signed a financial agreement recently with the government of Nepal that will aim to reduce poverty and improve incomes and employment opportunities for over 87,000 rural households.
IFAD will provide a US$38.6 million loan to finance the Rural Enterprises and Remittances Project in Nepal. The project focuses on creating employment opportunities in 16 districts of the Eastern and Central Development Regions. The financing agreement was signed by Kanayo F. Nwanze, President of IFAD, and Madhu Kumar Marasini, Joint Secretary of the Ministry of Finance, Nepal.
The project will diversify the range of economic activities available to poor rural households and unemployed young women and men. It will promote self-employment and the development of small businesses. The
project will also provide access to vocational training and apprenticeships for better job placement, and will provide financial advice and business training that can help migrant households and returnees make the best possible use of their remittances and savings. The project will target 179,000 poor rural people. An additional 244,800 people will have access to financial education.
IFAD has been working in Nepal since 1978, investing over $261.8 million in 16 programmes, with a total cost of $541.7 million including co-financing, reaching more than 797,353 households.
Corporate Comm India(CCI Newswire)
