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Saudi Fund supports Rs. 3.4 billion for Nepal' reconstruction

Kathmandu, October 11: The Saudi Fund for Development (SFD) has provided a subsidized loan of Saudi Riyal 112.5 Million (approx. Rs. 3.4 billion according to today's exchange rate). A financial agreement was signed amidst a function organized at the Ministry of Finance today.

Finance Secretary Dr. Rajan Khanal and Vice President and Managing Director of the Fund Dr. Khalid Bin Sulaiman Alkhudairy signed the agreement in the presence of Finance Minister Dr. Yuba Raj Khatiwada.

Speaking at the signing ceremony, Finance Secretary Dr. Khanal thanked Saudi Arabia for its support for humanitarian purpose and expressed confidence that the assistance would help the earthquake survivors get back to normal life.

Vice President of the SFD Dr. Alkhudairy said it was the responsibility of all friendly nations to support Nepal which suffered huge losses in the earthquake, and expressed happiness for being able to provide support to Nepal.

He also expressed commitment that Saudi Arabia would support Nepal as a member of the World Bank and the Organization of Petroleum Exporting Countries  (OPEC).

NRA CEO Gyewali and Dr. Alkhudairy hold discussion

The delegation led by Vice President of the SFD Dr. Alkhudairy met and interacted with Chief Executive Officer (CEO) of the National Reconstruction Authority (NRA) Sushil Gyewali and other officials at the NRA, before signing the agreement at the Ministry of Finance.

CEO Gyewali thanked Saudi Arabia for its important assistance to bridge the financial gap in Nepal's reconstruction. He said various friendly nations and development partners had provided important assistance in the reconstruction, and said that the assistance provided by Saudi Fund would be utilized well.

Dr. Alkhudairy asked about the latest situation of reconstruction, its challenges and its learning, at the interaction. Dr. Alkhudairy expressed happiness for being able to be part of Nepal's reconstruction, and also expressed confidence that Nepal's experience and learning in reconstruction would be exemplary for other countries in the world.

Secretary of the NRA Shiva Hari Sharma, and joint-secretaries Pitambar Ghimire and Bharat Aryal were also present at the interaction.

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