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Chinese Ambassador to Nepal Wu Chuntai met Nepal’s Finance Secretary Shanta Raj Subedre in Nepal’s capital of Kathmandu before announcing the assistance.
Nepal’s Finance Ministry officials said the assistance was provided to fund economic and technical cooperation projects between the two countries.
Almost a quarter of Nepal’s population of 27 million live on an income of less than $2 a day.
Tucked away between India, which is to its south, and China, which is to its north, the tiny Himalayan nation has been struggling to revive its economy after a palace massacre in 2001 that wiped away the royal family.
China has been one of Nepal’s largest development partners and has been doling out financial and technical support to fund a number of Nepalese projects.
Nepali government records show that the Chinese government has committed $37.2 million in loans and $29.4 million aid to Nepal during the first six months of the current fiscal year.