Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Ministry of Finance and the British Embassy, Kathmandu, signed a Memorandum of Understanding (MoU) for UK-Nepal collaboration through the Local Infrastructure Support Programme (LISP) on Thursday.
Finance Secretary Toyam Raya and British Ambassador to Nepal, Nicola Pollitt, signed the agreement on behalf of their respective countries amid a function held at the ministry. The LISP program is co-designed between the Government of Nepal and British Embassy Kathmandu.
Up to 1.7 million Nepali citizens will directly receive more sustainable and inclusive infrastructure services as a result. The UK will provide up to 90 million pounds (Rs 14.4 billion) support for this work, according to a statement issued by the finance ministry.
Importantly, the program will support the Government of Nepal to improve the delivery and sustainability of wider investments in local infrastructure, worth over 2 billion pounds (Rs 320 billion) over the next six years.
Speaking on the occasion, British Ambassador Pollitt said that the UK and Nepal have a long and proud history of collaboration in building, maintaining and reconstructing infrastructure. “This has delivered significant results for the people of Nepal over the last six decades, for which we and the Government of Nepal are immensely proud,” she said.
“LISP is an important program for both the Government of Nepal and the British Embassy Kathmandu, and another great example of our historic partnership,” she said.
Likewise, Finance Secretary Raya acknowledged the contribution and continuous support of the British Government for the social and economic development of Nepal for a long time. He also highlighted that this program would support the local level infrastructure and capacity building of local governments which will enhance the quality of public life in the local units.
In addition, the Government of Nepal will also provide up to 40 million pounds (Rs 6.4 billion) co-financing to encourage local governments for sustainable and resilient infrastructure service delivery, according to the ministry.
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