US provides $19 mn assistance to Nepal to enhance private sector competitiveness

The US on Tuesday provided USD 19 million assistance to Nepal for a period of five years to increase the competitiveness of domestic enterprises in targeted sectors with high growth and employment potential.

The assistance was provided during the launch of the USAID Trade and Competitiveness activity, according to a press release issued by the US Embassy here.

The United States Agency for International Development (USAID) Trade and Competitiveness activity was introduced to Nepal's private sector, it said.

"The five-year, USD 19 million investment is expected to increase the competitiveness of Nepali enterprises in targeted sectors with high growth and employment potential," the release said.

The USAID will collaborate with Nepal's Ministry of Industry, Commerce, and Supplies to help businesses facilitate new trade and investment opportunities, improve their access to market-based financial and non-financial services, and boost productivity, it added.

The USAID helps to develop a more diverse and competitive private sector and generate export-driven growth.

USAID Trade and Competitiveness will advance Nepal's ambitions to increase and diversify high-value exports such as local produce, tourism experiences, and digital services that can be provided anywhere in the world, the release said.

''This investment in Nepal's private sector will create jobs and increase incomes for women, youth, and marginalised groups,'' USAID/Nepal Mission Director Sepideh Keyvanshad said.

Joint Secretary of Nepal government Gobinda Bahadur Karkee applauded USAID's partnership with the Nepal government and the continued investment in Nepal.

"I hope this activity will provide great support to diversify the service offerings of firms and improve their productivity, making them global competitors," he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)