China to provide $10 mn for Nepal's reconstruction

China on Thursday agreed to provide cash assistance of $10 million to help quake-ravaged Nepal in its reconstruction process.

Nepal and China signed a Memorandum of Understanding (MoU) on this following a bilateral meeting on Post Disaster Reconstruction Plan at Nepal's finance ministry here, Xinhua news agency reported.

The MoU was signed by Zhang Xiangchen, vice negotiation representative for international trade of China's ministry of commerce and Nepalese Finance Secretary Suman Prasad Sharma.

"China wants to see the quick recovery of economic development of Nepal. We are pleased to assist this friendly country in its rebuilding task," Zhang told media.

The meeting reviewed China's emergency relief assistance to Nepal in the immediate aftermath of the devastating quake.

"We are thankful to China for its continuous assistance in the socio-economic development of Nepal. The cash grant will be used in rehabilitation process after identifying and finalising the projects," Suman Prasad Sharma told the media.