KOICA Launches Initiative to Strengthen Entrepreneurship Ecosystem in Nepal
News Summary
- The Korea International Cooperation Agency (KOICA) has launched a new program called ‘K-Connect’ to reinforce entrepreneurship development in Nepal.
- KOICA has provided a US $2.5 million interest subsidy to facilitate concessional loans for workers returning from Korea.
- In the Terai region, 109 climate-friendly agricultural enterprises have been established, while 115 recycling-based businesses are operating in Pokhara.
August 5, Kathmandu – The Korea International Cooperation Agency (KOICA) has organized a program titled ‘K-Connect: Promoting the Entrepreneurship Ecosystem in Nepal’ to further strengthen entrepreneurship development in Nepal.
At the event held in Kathmandu today, KOICA highlighted that ‘K-Connect’ aims to connect entrepreneurs, investors, financial institutions, government bodies, business mentors, and development partners on a single platform to expand knowledge, networks, and financial access.
The program focuses on fostering innovation, sustainable business growth, and job creation, which align with KOICA’s development goals.
Achievements from three major KOICA-supported projects were also showcased during the event.
US $2.5 Million Interest Subsidy Provided to Returning Migrant Workers
Under the ‘K-HaMi’ (Korea-Home Migration Integration) project aimed at reintegration of Nepali migrant workers returning from Korea, over 15,000 workers have received training in technical skills, reintegration, and financial literacy.
Among them, 195 individuals have completed entrepreneurship training. KOICA has also made available an interest subsidy equivalent to US $2.5 million to support concessional loans for these returning workers.
About 300 beneficiaries are expected to benefit from this scheme.
109 Climate-Friendly Agricultural Enterprises Established in Terai Region
Under the Climate-Smart Agriculture (CSA) project, 109 climate-friendly agricultural enterprises have been launched in the Terai region.
The project has benefited over 5,300 recipients through grants and training, and has generated 343 green jobs, according to KOICA.
To support this, a US $1.5 million Terai Agribusiness and Enterprise Challenge Fund has been set up.
In Pokhara, under the ‘Green Job Creation through Recycling and Upcycling’ (GCRU) project, 115 recycling-based enterprises are operational.
Approximately 11,000 households have received training on waste management, and more than 1,300 people have completed entrepreneurship training.
Appreciation for KOICA’s Support
Addressing the event, South Korean Ambassador to Nepal Park Tae-young noted that investment in human capital, strong institutional frameworks, innovation, and private sector development played a critical role in South Korea’s economic progress.
KOICA Nepal Country Director Moo Hyun Kong stated that KOICA has consistently supported entrepreneurship, skill development, and expanded financial access in Nepal through various projects.
Senior officials including Secretary Navaraj Dhakal of the Prime Minister’s and Council of Ministers’ Office, and Secretary Hemraj Tamang of the Ministry of Youth, Labour and Employment underscored the importance of such initiatives for job creation, skill development, and entrepreneurship promotion in Nepal, commending Korea’s development cooperation through KOICA.
During the program, beneficiaries shared their experiences, and representatives from banks and the private sector participated in business pitching sessions and direct consultations with potential investors.
Since 1991, KOICA has supported Nepal across sectors including health, education, agriculture, technical and vocational training, rural development, information technology, and tourism, providing a total development assistance amounting to US $23.5 million, according to KOICA.