ADB provides $100m loan assistance to Nepal
Feb 14, 2018-
Asian Development Bank (ADB) has agreed to provide $100 million to Nepal for the Rural Connectivity Improvement Project. An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Monday. Finance Secretary Shankar Prasad Adhikari and ADB Country Director for Nepal Mukhtor Khamudkhanov,signed the loan agreement on the behalf of the government of Nepal and the ADB respectively.
This project will upgrade 388 kilometres of rural roads and bring access to 7.5 million people in 16 districts. This project is in line with the goal of the government’s Agriculture Development Strategy signed in 2015 of encouraging commercial
agriculture, increasing productivity, creating new rural jobs and increasing prosperity.
It aims to improve the rural road conditions between the selected rural communities, agriculture production areas and enhance capacity of rural infrastructure agency and road users in project areas.
Similarly, ADB has also agreed to provide $1 million to restructure the Department of Local Infrastructure Development and Agricultural Roads into a state-of-the-art rural road agency. The project is expected to be completed by 31 January 2023.
Published: 14-02-2018 08:18