UK Minister of State (Development & Africa) Andrew Mitchell on February 20 launched a new £400m UK-Nepal development portfolio during his two-day Nepal visit. A new development portfolio will mobilize vital private sector funding in development, tackle the climate crisis, and support economic growth in Nepal, the British Embassy in Kathmandu said in a statement.

The plan will support the creation of 13,500 jobs, help Nepal attract over $1 billion in investment, and deliver access to quality health care and education services for two million women and girls by 2030. “Its focus on long-term, systemic transformation emphasizes the UK’s commitment to supporting sustainable and inclusive development globally, as set out in the recently published White Paper,” reads the statement.

“Our new development portfolio will help Nepal on that journey and mobilize the funding needed to support growth and development. This is part of a partnership fit to respond to the challenges and opportunities during the next hundred years of UK-Nepal friendship,” said Mitchell.

During his visit, Mitchell held talks with Prime Minister Pushpa Kamal Dahal, Foreign Minister NP Saud, and Finance Minister Prakash Sharan Mahat. Together they affirmed UK support for Nepal’s Investment Summit in April 2024, and discussed the reforms necessary to mobilize finance and attract investors, the British Embassy said.