UK launches new £400m development portfolio for Nepal
It will help Nepal to tackle the climate crisis, mobilise international finance for development, deliver economic transformation and support governance and inclusion, says British Embassy in Kathmandu. Foreign Minister NP Saud (right) and UK Minister of State (Development & Africa) Andrew Mitchell hold talks. Photo: Courtesy of Foreign Ministry
UK Minister of State (Development & Africa) Andrew Mitchell on Tuesday launched a new £400m UK-Nepal development portfolio during his two-day Nepal visit.
A new development portfolio will mobilise vital private sector funding in development, tackle the climate crisis and support economic growth in Nepal, the British Embassy in Kathmandu said in a statement.
The plan will support the creation of 13,500 jobs, help Nepal attract over $1 billion in investment, and deliver access to quality health care and education services for two million women and girls by 2030.
“Its focus on long-term, systemic transformation emphasises the UK’s commitment to supporting sustainable and inclusive development globally, as set out in the recently published White Paper,” reads the statement.
Mitchell said the UK and Nepal share close bonds and also share an ambition to secure a more resilient and prosperous future for Nepal.
“During my visit I saw how the UK is helping marginalised communities, building climate resilience and a sustainable economic transformation for Nepal,” he said.
“Our new development portfolio will help Nepal on that journey and mobilise the funding needed to support growth and development. This is part of a partnership fit to respond to the challenges and opportunities during the next hundred years of UK-Nepal friendship.”
The minister further spoke about how the UK will work with Nepal to help mobilise development funding, tackle the climate crisis and build business, to support Nepal’s expected transition from Least Developed Country status.
During his visit, Mitchell held talks with Prime Minister Pushpa Kamal Dahal, Foreign Minister NP Saud and Finance Minister Prakash Sharan Mahat.
Together they affirmed UK support for Nepal’s Investment Summit in April 2024, and discussed the reforms necessary to mobilise finance and attract investors, the British Embassy said.
Minister Mitchell also visited the Upper-Trishuli-1 Hydropower project to see the impact of nearly $22m of British International Investment (BII) funding.
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