The development support has increased from the 120 million Euros for 2007-2013 to 260 million Euros for the next seven years. In the presence of Finance Minister Ram Sharan Mahat and European Commissioner for Development, Andris Piebalgs, Finance Secretary Suman Prasad Sharma and the Head of the EU delegation in Nepal Rensje Teerink  signed a seven-year agreement at a function held at the Finance Ministry Sunday morning.

Speaking on the occasion, Finance Minister Mahat thanked the EU for its continued support to Nepal's development endeavours, while calling for increased support in energy, physical infrastructure, trade and commerce and agriculture sector.

Commissioner Piebalgs said the EU was encouraged to see Nepal taking the path to accelerated development, while expressing the commitment to help Nepal in its goal of upgrading itself to a developing country by 2022.