China to provide $10m for Nepal's reconstruction

KATHMANDU - In a bid to help quake-stricken country in its reconstruction process, China agreed to provide cash assistance of $10 million to Nepal under the Post-Disaster Reconstruction Aid Project Plan on Thursday.

Following a joint bilateral meeting on Post Disaster Reconstruction Plan held at Nepal's Finance Ministry here in Singhadurbar this morning, Nepal and China signed a Memorandum of Understanding (MoU) to this effect.

The MoU was signed by Zhang Xiangchen, vice negotiation representative for international trade of China's Ministry of Commerce (MOC), and Nepalese Finance Secretary Suman Prasad Sharma.

"China wants to see the quick recovery of economic development of Nepal. We are pleased to assist this friendly country in its rebuilding task," Zhang told media after the signing ceremony.

The bilateral meeting reviewed China's emergency relief assistance to Nepal in the immediate aftermath of the devastating quake.

"We are thankful to China for its continuous assistance in the socio-economic development of Nepal. The cash grant will be used in rehabilitation process after identifying and finalizing the projects," Suman Prasad Sharma told the media.