The Asian Development Bank (ADB) has agreed to provide a concessional loan of USD 165 million to the Government of Nepal for water supply, sewage management, and customs modernization.
The Asian Development Bank (ADB) will provide a concessional loan of USD 165 million to Nepal. The government will spend this money on drinking water, sewage management, and modernizing the customs administration.
Two separate concessional loan agreements were signed between Nepal government and ADB on Monday. The signing ceremony took place at Ministry of Finance.
Details of the Loan Agreement
The agreement was signed in presence of Finance Minister Dr. Swarnim Wagle and ADB President Masato Kanda. From Nepal’s side, Finance Secretary Dr. Ghanshyam Upadhyaya signed the document, while Country Director Arnaud Cauchois signed on behalf of the ADB Nepal Resident Mission.
According to the agreement, USD 115 million will be used for the Integrated Water Supply and Sewerage Management Sector Project. The remaining USD 50 million will be mobilized to modernize the customs administration.
Strengthening Partnership
After signing agreement, Finance Minister Dr. Wagle highly appreciated the continuous support of ADB in sustainable development of Nepal. He expressed his belief that partnership between both sides will become even stronger in coming days.
Similarly, ADB President Masato Kanda committed to continue their cooperation. He said that ADB has a partnership of more than six decades with Nepal and is always ready to work together to face internal and external economic challenges.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
